Are apartments in New Jersey expensive?
Housing Costs in New Jersey New Jersey is a notoriously expensive state to live in. As a result, New Jersey rents are well above average. Studio apartments in New Jersey have a median of $1,084 per month, according to 2019 data from Apartment List. That’s $257 above the national average.
Is rent expensive in New Jersey?
For many New Jersey residents, housing costs translate to monthly rent of $1,000 or more, often for a shoebox apartment. And it’s no surprise the state ranks 6th among the most expensive home rental markets in the country.
Why is rent in New Jersey so high?
Rent is high because property ownership is so expensive. New Jersey taxes are the highest of those of any of the 50 states; services are similarly costly. If you’re going to enjoy all that New Jersey has to offer, you have to acknowledge that it comes with a price.
How much should I make to live in NJ?
Typical Expenses
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 0 Children | |
| Required annual income after taxes | $28,406 | $44,180 |
| Annual taxes | $5,290 | $10,685 |
| Required annual income before taxes | $33,696 | $54,865 |
Can I afford to live in New Jersey?
A new study, conducted by the National Low Income Housing Coalition and the Housing and Community Development Network of New Jersey, finds New Jersey is the fifth most expensive state for renters. According to the study, a New Jersey family needs to earn at least $60,000 to afford a two-bedroom home at $1,500.
Is it cheaper to live in Texas or New Jersey?
The cost of living in Texas is only slightly higher than the national average, but with lower unemployment rates, it makes Texas an attractive place to live for many. It is certainly more affordable than New Jersey, with Dallas coming in around 45% cheaper than Jersey City and Houston nearly 52% cheaper.
What is a livable salary in NJ?
Living Wage Calculation for New Jersey
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $16.20 | $35.18 |
| Poverty Wage | $6.13 | $12.60 |
| Minimum Wage | $11.00 | $11.00 |