Prices in Edison hover at about $418,000 and rose only 6.6% in the past year. Trenton's home prices are lower than the statewide average at $210,000, which may be good news for state government employees working near the capital. In general, costs have risen about 11.5% over the last year. However, it's possible to find homes much higher and much lower than this mid-range value.
Typically, homes in New Jersey cost about $382,000. There are areas of the state with more expensive housing and areas where prices are more affordable. However, these costs are not borne out equally. That means it would take $142 in the Garden State to purchase $100 worth of housing in other states. index, New Jersey costs are about 42.4% more expensive. Average Salary Expectations in New JerseyĬosts related to housing and real estate are often the most expensive in thriving communities.Read on for more details about what makes up the cost of living in New Jersey. The largest increases in costs can be expected to occur in housing, transportation, and food. In the last year, the cost of living in New Jersey rose by 1.6%. The state ranks as the ninth most expensive state in the U.S., wedged in between Connecticut and Rhode Island.Ĭosts within the community are expected to rise modestly in the future. The cost of living in New Jersey is about 20.4% higher than the average for the U.S., meaning people in the state will need to spend about $120 to buy goods that would cost $100 elsewhere. It is a hub for manufacturing and transportation due to its proximity to one of the busiest shipping ports in the world. New Jersey is famously within a day's drive from 40 percent of the people in the United States. As such, it shares the economy of one of the largest metro areas in the country. Much of the state is considered part of the New York City metropolitan area. As of the 2019 count, the state's population is 8.9 million, making it the 11th largest in the country.
Although the capital is Trenton, the largest city is Newark. One of the oldest states in the U.S., New Jersey was admitted as a state in 1787.