You are thinking about moving to New Jersey, and I get it. New Jersey is a great place to live in. One can easily appreciate the scenery and beaches, its diverse community, and its great location. However, looking into the cost of living in New Jersey is as important as anything else. Moreover, if you having an interstate move, you should also take those costs into consideration. So let’s dive in, and see if this kind of move suits you.
What’s Included in the cost of living in New Jersey
One of the biggest factors that affect our decision regarding relocation, is how this new place will suit our budget. Hence, we have to know what exactly goes into the cost of living in a state like NJ. These are the crucial elements that determine the cost of living:
- average earning
- housing costs/property prices
- other costs of living in New Jersey (food, transportation, healthcare, etc.)
- the cost of moving companies in NJ to help you relocate
The wage that covers the living costs in New Jersey
To calculate the living costs in New Jersey for you we would have to consider the number of members in your family. Thankfully, there is a living wage calculation tool that will help you do it quite easily. It also provides typical expenses and salaries in NJ, which is quite convenient.
Prices of renting or buying a property
Prices are quite high in NJ due to high population density and NJ’s proximity to other big heavily-populated centers. In combination with the rise of real estate prices due to the pandemic, prices do not go in your flavor. The typical value of homes is $400,089, while the national average is around $231,000. When it comes to renting, you should take the size of the property into account. The average size being 1,347 sqft, the price per square foot comes to $1,466. This is actually 19.7% higher than the national average. The state of NJ site to help you find something affordable and reduce your cost of living in New Jersey.
The rest of the expenses include groceries, utilities, transportation, healthcare, etc. To talk about these we’ll use the living cost index. New Jersey goes slightly above the national average index in these categories. The biggest gap between the national average and New Jersey’s cost of living appears in the index for transportation. That is 127.7. While healthcare is more affordable – 88.4. It is worth mentioning that New Jersey ranks at number 14 when it comes to healthcare affordability and access.
The cost of moving Companies in NJ
The sole task of moving can be costly. Why add this to the list of costs of living in New Jersey? Make sure you are well-informed when choosing your movers. Do look at some movers NJ reviews, and aid your relocation process.
As you can see, NJ is certainly not the cheapest state out there. Think about the expenses. Check out USA Moving Reviews to find quality movers within your budget. If the positive sides prevail over the disadvantages, don’t let the costs of living in New Jersey scare you! You have to risk it to get the biscuit!