The cost of living today is going up, and that trend doesn’t seem to be one that’ll go down. Regardless of where you are, the cost of living has gone up. But that doesn’t mean the cost of living is the same in every place globally; it isn’t. As a resident of New Jersey, the cost of living has undoubtedly gone up. But it isn’t all gloom as you’d imagine there are still better things than other places in that regard. So, if you are looking to move to New Jersey, you will need to consider the cost of the move, hiring Jersey City movers, and prepare yourself for the cost of living, below is a summary.
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Is it Cheaper to Live in New Jersey?
To get it all started, you may need to rethink your plan of moving to New Jersey for a while. According to the Bureau of Economic Analysis, living in New Jersey is quite expensive. In fact, it is more expensive than anywhere else across the U.S. According to the same agency, when you buy a product in Jersey, it will cost at least 15% more than the average. The higher average cost in Jersey for products is against the whole nation. So if you are looking at moving here, you’ll have to part with a lot more. This is the fourth most expensive state to live in.
Housing Costs
New Jersey is home to four metropolitan areas, one with the highest cost of living. This is the Trenton Metro, where the cost of goods and services is up by around 8.6% – this is way higher than the national average. This gives you an idea of the housing costs which are likely to go up. For example, the typical cost for housing here starts at around $327,900 – this is for your regular home. If you cross it against other areas across the nation, the price is higher by $123,000. Median house value nationally starts from around $204,900. In Jersey, a home built in1939 or even earlier is set to approximately $316,700. If the house was built in 2014 and later, the prices will spike to $519,400. The renters have to pay over the top when you live in New Jersey. You have to pay around $1,295 on average rent month when you live in Jersey. This is about $272 more than the average for renting anywhere nationwide.
Transport
This is one of the states across the country where commuting is relatively modest compared to other parts. For example, nationwide, 85% of commuters drive to work. In Jersey, only around 79.4% drive to work. When you are in New Jersey, you are likely to spend around $803 on gas alone in a single year. The cost of gas in New Jersey is about $2.23 per gallon. The average motor insurance in Jersey is around $1,468; this is less than the nationwide average of $1517
Prices Are High
With the cost of housing and life being that high, you can assume that everything else is high. Goods and services are high priced in New Jersey than anywhere nationally. Therefore, residency here will cost you much more than expected.