Cost of Living In New Jersey

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Services for Real Estate Pros with InboundREM

Cost of Living in New Jersey

Cost of living is the various expenses a household has to pay to ensure a good quality of life in a particular city or community in the country. These costs are an excellent reference to consider if you're planning to move into a new neighborhood in the region. You can have a good idea if your new home will be more affordable or expensive based on the comparable averages of costs in the city, state, and country.

Cost of living in New Jersey

Check out our original neighborhood post at https://tonewjersey.com/.

Cost of Living Index

The cost of living index is the estimated amount of average expenses in a particular category. These costs are essential considerations on what your typical fees would be in a specific area. Factors that affect the cost of living index include housing, food, transportation, healthcare, taxes, the economy, goods and services, and the income and salaries of residents.

The key metrics that weighs into the cost of living index include:

Housing (142.4)
Transportation (127.7)
Utilities (109.2)
Miscellaneous (108.7)
Grocery (105.8)
Health (88.4)

The index provides that housing, transportation, services, and grocery are the four most expensive things you have to pay for when moving into the region.

Check out our original neighborhood post at https://tonewjersey.com/.

Housing in New Jersey

New Jersey is one of the most expensive states in the country when it comes to real estate. If you plan to move into the area, you need to understand that homes in the region can get quite expensive. The median home value in New Jersey is $335,607; there are cities in the state however, that has average home prices that can go up to $448,778. More affluential communities such as Montclair, even have a median home value of $803,973.

Cost of living in New Jersey

Check out our original neighborhood post at https://tonewjersey.com/.

Taxes in New Jersey

Tax Rates in New Jersey is also one of the highest across the country. The sales tax in the state is 8.97%, and the average effective property tax rate is 2.40%.

Grocery and Other Expenses

Aside from healthcare, most other categories in the cost of living index in New Jersey is higher than the national average. This includes your day to day grocery expenses, utility bills, transportation, and other miscellaneous costs you can expect to pay for every day.

Cost of living in New Jersey

Check out our original neighborhood post at https://tonewjersey.com/.

If you would like to receive a FREE Competitive Market Analysis, contact me today.

Let Me Help You Find Your New Jersey Home!

If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 646-543-4278.

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POSTED BY
Demond McClellan
646-543-4278
100 Washington Street
Hoboken, New Jersey 07030
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