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[BUSINESS] · United States · 5 sources

started · updated

Part of situation: New Jersey housing costs, migration, and retirement strain (6 clusters)

New Jersey cost of living exceeds national average

cost of living property taxes housing affordability car insurance rates New Jersey economy

New Jersey continues to face significant affordability challenges, with costs estimated to be between 9% and 12% higher than the national average. Several key sectors drive this disparity.

Property taxes remain the highest in the nation, with an effective rate of 1.77%, more than double the national average. The average annual property tax bill in the state has reached approximately $10,570.

Housing costs are a primary driver of the cost gap, with median home prices and rents significantly exceeding national medians. Additionally, residents face high car insurance premiums, with annual averages exceeding $3,200, and automatic annual increases in Turnpike and Parkway tolls.

Entities

Bureau of Economic Analysis · New Jersey · New Jersey Department of Community Affairs · U.S. Census Bureau

Sources

New Jersey costs 12 percent more than the national average — here is exactly where it goes [1057thehawk.com]
New Jersey costs 12 percent more than the national average — here is exactly where it goes [wpgtalkradio.com]
The average NJ property tax bill just topped $10,500. That's only No. 1. [mybeachradio.com]
The average NJ property tax bill just topped $10,500. That's only No. 1. [nj1015.com]
New Jersey costs 12 percent more than the national average — here is exactly where it goes [wobm.com]