What is the cost of living in New Jersey? Here are the hard facts

New Jersey is known for its gritty and successful approach to managing any major problem or disaster. But throw in factors that you cannot control, and it becomes every man and woman for themselves.

The cost of living in New Jersey is a factor that cannot be controlled daily by the average New Jerseyan.

It was reported that people were leaving New Jersey in droves because of the ever-growing high property tax base. That is not the case, according to worldpopulationreview.com, as they have reported that the population here in New Jersey has over a million more people than in 2020. In 2025, we will have more than 9.6 million people here in the Great Garden State.

According to a new survey from Debt Wave, goods that were $100 three years ago now cost $120. You could get a dozen eggs in 2020 for $1.69. In 2025, eggs are now over $5 a dozen.

According to Debt Wave, the cost-of-living index here in New Jersey is 114.2, which ranks as the 11th highest in the United States.

Compared to the national average, housing is 38%, utilities 8.3%, and transportation 4.7% more expensive in New Jersey.

What we can control here in New Jersey is the average credit card debt, which stands at $5,953 on average and ranks in the middle of the country at 22nd highest.

According to the worldpopulationreview.com study, the average New Jersey individual income is $61,736 while the average household income is $101,050. We have a poverty rate here in New Jersey of 9.77%.

The cost of living here in New Jersey, as well as other states, is increasing at a steady, swift pace, while the average income and household income is not; it is performing at a snail’s pace.

Factor in the increasing property taxes with property assessments going up, and it just costs more money to live in New Jersey.

If you are looking elsewhere, up, and down the East Coast, many of the northern states, like Massachusetts, Vermont, New York, Maryland, and New Hampshire, all have a higher cost of living than New Jersey. Maine, Connecticut, and Rhode Island rank right behind New Jersey.

Thinking of moving to groovy California, forget it. They rank third highest in the country for cost of living.

Many of my friends say they want to move to the deserts of Arizona, well bring your wallet, they rank 15th in the country.

We are going through tough times. We need to find alternatives to budget our money while still enjoying an exceptional quality of life. It is a tough challenge but, after all, we are New Jersey strong. Good luck.