New Jersey True Cost Of Living - You Will Be Amazed

New Jersey True Cost Of Living - You Will Be Amazed

The cost of living in NJ is 20% higher than the national average .

Let’s start with housing costs.
1. Housing Cost
The housing cost in NJ are is 40% higher than the national average.
As of February 2021, according to the NJMLS stats the median home price in NJ is 549,000 dollars compare to 500K the year before .
2. Real Estate Taxes
NJ has the highest property taxes in whole of the USA.
With net effective tax rate of 2.49% the real estate taxes on the median sold price is $13,670.
Real estate taxes is a big issue here in NJ and don’t forget they always go up .
3. Avg utilities bill
When you move to NJ, you also have to consider all the utilities you’re going to be paying on a monthly basis.
The utility costs in NJ are 10% higher than the national avg , for a mid-size home you should take in consideration that you will be spending about $250-$300 per month on electricity, gas and water .

4. Transportation
The avg transportation costs in NJ are 30% higher than national avg by.
Now, gas prices went up so much recently and here in NJ they are standing at $4.38 dollars per gallon compare to the national average $4.33 Per Gallon , the good news is that you will never run out of great options for public transportation here in NJ.
The cost of a single bus ticket is $2.75 dollars but you also have the option to get yourself a monthly pass for $300 dollars and you’re all set.
As far as the trains go, the tickets cost anywhere around $5 to $12 dollars to get you in and out of NJ with a monthly rail pass that costs around $59 dollars if you’re a frequent commuter.
Toll prices also go up to $12 dollars with the easy passe.
5. Restaurant
An average meal from an inexpensive restaurant will cost you here in nj up to $14 dollars and three-course meals for two at mid-range restaurants go up to $55 dollars, which is pretty standard.
6. Groceries
On average, the grocery costs in New Jersey are almost 6% higher than the national average .
Before we will talk about the cost of Health care, Sales tax and income tax
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Let’s proceed with #7
7. Health care
The national average monthly cost for health insurance is $541 in Nj the average is about the same and stand on $537 per month .
8. Sales tax

The sales taxes here in NJ are about 6.6% the 8th place in the whole country .
The national average sales tax is 5%.
9. Income Tax
The state income tax rates range from 1.4% to 10.7%, which is well below the national average of 22.4% in the rest of the country.
Thank you so much for watching and see you in the next video.

👔 Ron Cohen
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🌐 Website: https://roncohen.kw.com/
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