Based on 2022 data from, the average cost of a gallon of milk and a dozen eggs in Newark is $4.24 and $2.59, respectively. Of that annual income, food expenses account for $3,690, or 10.95%, which doesn’t allow many luxuries.įood expenses vary within New Jersey. The MIT Living Wage Calculator says that an adult with no children in New Jersey requires a living wage of $33,696 before taxes.

According to, the average monthly utility bill for a 915 square-foot apartment in Newark, NJ is $291. Prices can be higher in big cities, though. They pay an average monthly energy bill of $109.28. While housing costs are high whether you rent or buy, there is some good financial news in the Garden State. According to the March 2022 Save on Energy Electricity Bill Report, New Jersey consumes an average of 683 kWh per month. With the national one bedroom median being $1,129, that’s a difference of $765 and $1,882 for both cities respectively.įor a comparison, the table below compares New Jersey home values and rents for the five biggest cities in 2022. According to February 2022 data from Apartment List, a one-bedroom apartment in Jersey City is $1,894. As a result, New Jersey rents are well above average. In New Jersey five largest cities, there are significantly more renters than homeowners. Check out our New Jersey mortgage calculator to see what your monthly payments could look like. The high home prices in the Garden State may mean you need a mortgage to finance your home. Montclair ousts it with a median home value of $852,555. Jersey City carries a $518,860 median home value. In certain cities, this number can get even higher. It’s home to two of America’s wealthiest counties, Hunterdon County and Somerset County, and they’re not the only New Jersey locales with high home prices.Īccording to NeighborhoodScout, the median home value in New Jersey is $418,500 in March 2022. New Jersey is a notoriously expensive state to live in.

Apartment monthly expenses