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Cost of living in New Jersey

Everyday prices in New Jersey run 8.8% above the US average, the 48th lowest of 51 states and DC.

By Sol Lakein. Updated November 2026.

New Jersey next to New York and the US

Longer bar = costs more.1,4,2,3
New JerseyUnited StatesNew York metro

How affordable is New Jersey?

Rent and home prices next to what households earn.6
$111,400
Typical household incomeA year · 5th highest of 51
21%
Of income goes to rentA year of 2-bed rent ($1,990/mo) against median income ($111,400). 38th lowest of 51.
5.0
Years of income to buy a home$559,500 median listing against $111,400 income. 28th lowest of 50.

Are people moving to New Jersey?

37,428 more people left New Jersey for other states than arrived between July 2024 and July 2025 (Census Bureau estimates).

Where Americans are moving5

New Jersey next to its neighbors

The states that border New Jersey, on the same measures. The number is each state's national rank on everyday prices.1,4,2
  1. 28Pennsylvania2% cheaper than average
    2-bed rent
    $1,353
    Typical home
    $309,000
    Net moves
    -2,936
  2. 32DelawareAbout the US average
    2-bed rent
    $1,632
    Typical home
    $484,998
    Net moves
    +6,855
  3. 47New York8% pricier than average
    2-bed rent
    $1,729
    Typical home
    $605,000
    Net moves
    -137,586
  4. 48New JerseyThis state9% pricier than average
    2-bed rent
    $1,990
    Typical home
    $559,500
    Net moves
    -37,428

New Jersey by the numbers

Every figure on this page, as tables

New Jersey next to New York and the US

PlacePrice levelHousingTypical homeMonthly payment2-bedroom rent
New Jersey108.8134.3$559,500$3,075$1,990
United States100.0100.0$419,250$2,304$1,563
New York metro112.6148.6$742,000$4,078$1,997

New Jersey next to its neighbors

StatePrice level2-bedroom rentTypical homeNet moves from other states
New Jersey108.8$1,990$559,500-37,428
Delaware99.8$1,632$484,998+6,855
New York107.9$1,729$605,000-137,586
Pennsylvania97.6$1,353$309,000-2,936

Net moves from other states

Year (July to July)Net moves from other states
2019-20-46,623
2020-21-34,314
2021-22-62,174
2022-23-41,714
2023-24-35,501
2024-25-37,428

States with a similar cost of living to New Jersey

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New Jersey cost of living: questions people ask

What is the cost of living in New Jersey?

Everyday prices in New Jersey run 8.8% above the US average, the 48th lowest of 51 states and DC (BEA, 2024). Housing costs, rent included, index at 134.3 against a US average of 100. The median listed home is $559,500 (Realtor.com, September 2026), about $3,075 a month in principal and interest. The median 2-bedroom rent is $1,990 a month, utilities included (Census, 2025). A $150,000 salary in New York buys the same as $144,992 in New Jersey.

Is New Jersey cheap or expensive to live in?

More expensive than average. New Jersey's regional price parity is 108.8, 8.8% above the US average (BEA, 2024).

How much does a house cost in New Jersey?

The median listed home in New Jersey is $559,500 as of September 2026 (Realtor.com via FRED), against $419,250 nationally. That ranks 39th lowest of 50. With 20% down at 7.32%, principal and interest run about $3,075 a month.

How much is rent in New Jersey?

The median gross rent for a 2-bedroom in New Jersey is $1,990 a month, including utilities the renter pays, against $1,563 for the US (Census American Community Survey, 2025).

What salary in New Jersey equals $150,000 in New York?

About $144,992, using BEA regional price parities for New Jersey (108.8) and the New York metro (112.6), 2024.

Are people moving to New Jersey?

37,428 more people left New Jersey for other states than arrived between July 2024 and July 2025 (Census Bureau estimates).

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Notes on the numbers
  1. 1Everyday prices, housing costs and price levels: BEA regional price parities via FRED, 2024, where the US average is 100. In ranked lists, 1 is the cheapest.
  2. 2Homes: the typical home is the median listing price, Realtor.com via FRED, September 2026.
  3. 3Mortgage: Principal and interest on the median listed home with 20% down, 30-year fixed at 7.32% (Freddie Mac 30-year fixed average, week of October 22, 2026). Excludes taxes, insurance and HOA.
  4. 4Rent: Census ACS 2025 1-year, median gross rent for 2-bedroom units, including utilities.
  5. 5Net moves: US Census Bureau population estimates, net domestic migration, July to July.
  6. 6Affordability: our arithmetic on Census median gross rent (2025), Census median household income (2025) and Realtor.com median listing price (September 2026). Rank 1 is the most affordable.
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