New Jersey has a wide range when it comes to the cost of living, depending on the municipality. The overall cost of living in the state is 20.4% higher than the rest of the country. It is higher than the national average in every category other than health. However, there are more affordable cities in the state. In Trenton, the state capital, the cost of living is nearly 20% lower than the country's average, and Vineland, a suburban town, is 14% lower. Some cities are much higher than the state average. For example, in Princeton, the cost of living is 94.6% above the national average and 74.2% higher than the state. Nevertheless, if you're looking to move to New Jersey, you can find affordable cities in many parts of the state.
Average Home Prices in New Jersey
Housing prices in New Jersey also vary greatly. The median cost of a home in the state is $329,300, which is 42.4% more than the national average of $231,200. In Trenton, the average price is $62,900, and the cost in Vineland is $153,200. In more expensive cities, like Princeton, you'll pay closer to $1 million. Before moving to New Jersey, figure out approximately where you would like to live. If that city's housing prices are too costly for your budget, you're sure to find a more affordable municipality nearby. There are plenty of options available at every price range, making New Jersey an excellent destination for anyone looking for a rent-to-own home.
New Jersey Statistics
If you're interested in New Jersey rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common New Jersey statistics compared to the U.S. national average.
| ||New Jersey Averages ||National Averages |
|One-Way Commute ||31.5 minutes ||26.4 minutes |
|Violent Crime ||15.3 ||22.7 |
|Property Crime ||25.0 ||35.4 |
|Unemployment Rate ||4.2% ||3.9% |
|Income Tax Rate ||5.5% ||4.6% |
|Air Quality ||53 ||58 |
|Water Quality ||20 ||55 |
|Median Household Income ||$72,062 ||$53,482 |
|Median Property Taxes ||$1,500 ||$2,200 |
|Utilities ||$102/month ||$112/month |
|Monthly Rent ||$1,400 ||$1,470 |
|Median Home Cost ||$329,300 ||$231,200 |
|Median Home Age ||47 years ||40 years |
Popular New Jersey Cities
Atlantic City - Located along the Jersey shore, this city is famously known as a casino town. The Borgata, Bally's, Caesars, The Golden Nugget, Harrah's, the Tropicana, Hard Rock, and several other Atlantic City resort casinos help attract the city's 27 million yearly visitors. Residents and guests enjoy walking along the boardwalk, sunbathing at the beach during the summer, the Steel Pier Amusement Park located on the water, and first-class shopping and dining.
Cape May - Cape May is located at the southern tip of New Jersey. This quaint shore town is quiet for most of the year. But when summer comes around, it is a bustling hotspot for people from all over the country. While the beach is the main attraction, people enjoy boutique shops and amenities such as the Cape May Zoo, the Historic Cold Spring Village, museums, and observatories. There are plenty of hotels, resorts, and eateries to accommodate the summer crowds. But many visitors enjoy coming during the quieter months when they can have the town to themselves at more affordable prices.
Newark - With 282,862 residents, Newark is the most populous city in New Jersey and the 74th most-populous in the country. It is only an eight-mile drive from Manhattan, NY, and is the home of the world-famous Prudential Center and the New Jersey Devils. Getting in and out of the city is very convenient - Newark Liberty International Airport, located just minutes from downtown, has domestic and international flights to get people to any destination in the world. Getting around town is also simple, with options such as the NJ Transit bus system, New Penn Station trains, a light rail, and Uber and Lyft. Newark offers its residents a hopping city life with a business district, a downtown, and a great nightlife scene.
Popular Amenities and Attractions in New Jersey
Six Flags Great Adventure has loads of breathtaking thrill rides and roller coasters. Children and adults will enjoy the endless shows and events at New Jersey's largest amusement park. Drive through the 350-acre safari with more than 1,200 animals from six continents. Live entertainment, dozens of eateries, and a world-class waterpark will keep your entire family entertained for days.
Liberty State Park consists of 1,122 acres of open space and 300 acres for recreation. The waterfront park located in northern New Jersey attracts four million visitors every year. You can check out the Manhattan skyline from across the river, take a ferry to the Statue of Liberty, or just relax and walk the open space to refresh yourself after a long day. On-site bike rentals are available, and visitors can picnic - and even barbeque - in the park.
If you're spending a few days in the area, you can visit the Liberty Science Center, located within Liberty State Park. The world-renowned museum has endless exhibits and shows, an Imax theatre, and a planetarium. Wrap up your day with a meal at the classy CafÃ© Skylines, which is located on the second floor of the building.
If you're thinking of switching states, the Garden State has everything you need, including many excellent New Jersey rent-to-own homes.