Cost of Living in Newark, NJ
Housing
The housing market plays a significant role in determining the cost of living in Newark, NJ.
- Housing Index: 130.5 / 100
- Median Home Price is: $327,000
- Average Rent (2 BR Apartment): $2328 per month
- Average Rent (2 BR House): $2531 per month
Considering a move to Newark, NJ? With a housing index of 130.5, affordability may be a concern. The median home price stands at 327000, which is relatively high compared to national averages, indicating a competitive market. Renting may be a viable option, with the average rent for a 2-bedroom apartment at 2328 and a 2-bedroom house at 2531. Analyze your budget and weigh the pros and cons of buying versus renting, especially if you're looking for long-term stability in this bustling market.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Newark, NJ.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $14.01 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Newark, NJ could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $14.01 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Newark is a financially viable option for your relocation.