The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). Summary about cost of living in Jersey City, NJ, United States: Family of four estimated monthly costs are 3,974.08$ without rent (using our estimator). You would need around 8,018.17$ in New York, NY to maintain the same standard of life that you can have with 5,900.00 $ in Jersey City, NJ (assuming you rent in both cities). Healthcare premiums go from the affordable to the astronomical. A comparison of the Cost of Living indexes across major New Jersey Cities compared to the national average. The high home prices in the Garden State may mean yo… Updated on Dec 2020. Improve your chances of receiving a raise when you ask. If the cost of living data … Not only will we show you the cost of living difference, but we'll let you know how much you need to make in the new location to maintain your current standard of living. You may assume you need to live in one of our less-safe cities to survive in the state, but you’ll be surprised to learn that isn’t the case. The formula for a winning company culture. That's the kind of thing that can make a big difference to your bottom line. If you or your partner is a stay-at-home parent or if you have extended family helping you out you won't need to shell out for these expenses. Finally, we calculated purchasing power by determining the weighted cost of living as a percentage of median income. For example, if you're offered a job in a more expensive city you'll know that you need to hold out for more money if you don't want to experience a dip in your purchasing power. While you can make changes to your lifestyle to cut back on the cost of food - changes like wasting less and eating less meat - you're still affected by food costs in your area. Unlike renting an apartment however, the monthly base cost of assisted living also includes: A daily meal or meals depending on your preference. - Median Home Cost is 47% more expensive in … If you pay more than that you're considered "burdened" by your housing costs. These "extras" include clothing, personal care items and household cleaning products. can The state of New Jersey has the highest number in the nation by 12.26%. Our compare cities tool is just like our city profiles report except that you can compare two cities side by side. Side-by-side comparison between Delaware and New Jersey … Every other bagel fails in comparison. Thank you for your answer! Cost of living index in Jersey City is 16.75% lower than in New York. That means housing, whether you rent or buy. The state of New Jersey has the highest number in the nation by 12.26%. Can you afford NOT to live at a Chelsea? In the … Transportation is a big factor in the cost of living because it's so closely related to job security. Another big expense category is food. Cost of living in Toronto (Canada) is 20% cheaper than in Jersey City, New Jersey (United States) For example, to keep the same standard of living that would require $7,100 in Jersey City, New Jersey you would need to make just about $5,673 (C$7,206) in Toronto. The taxes and cost of living in New Jersey are an important consideration for soon-to-be retirees. We’ve compiled the data from multiple sources to figure out the cost of living for each area. How the pandemic has affected wages across the U.S. If you're considering moving to another town or city you may be wondering what salary you'd need to maintain your standard of living in the new location. It’s home to two of America’s wealthiest counties, Hunterdon County and Somerset County, and they’re not the only New Jersey locales with high home prices. New York vs New Jersey — we did the math on where it's cheapest for commuters to live . That's where a cost of living calculator (like the one above!) Updated on … Compare the Cost of Living in Jersey City with any other city in the world. Moving out of Manhattan gives you the opportunity to have more space to live and enjoy lower rents. The National Association of Real Estate Editors (NAREE) honored Michele in 2016 and 2017 with the award for Best Mortgage or Financial Real Estate Story in a Daily Newspaper. Fresh market data paired with robust analytics. The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. Understanding the cost of living in a given place helps you make an informed decision about the salary you'll need to maintain the same standard of living. According to NeighborhoodScout, the median home value in New Jersey is $360,084. Cost of living in New Jersey (US) compared to Tennessee (US). She is passionate about helping buyers through the process of becoming homeowners. - Median Home Cost is 126% … Your budget will be more sustainable if you can spend less than 30% of your income on housing. We provide several metrics to compare the cost of living including cost of groceries, transportation, and more. Miscellaneous Cost of Living Facts. But there are other necessities that aren't captured by food, childcare, medical costs, taxes, transportation and housing. The average cost of health care is 2.3% less than the average in New Jersey. Prices and comparisons for the whole range of expenses: food, housing, going out, etc. Cost of Living in Jersey City, New Jersey Jersey City, New Jersey's cost of living is 31% higher than the national average. Transportation costs are a major expense for many Americans. What your skills are worth in the job market is constantly changing. Items including clothing, cell phones and computers have become relatively more affordable. 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