New Providence, NJ Cost Of Living
Cost Of Living In New Providence, NJ Summary
Cost of living in New Providence research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means New Providence is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in New Providence is 160, with 100 being the average.
The cost of living index in New Providence is 1.6x higher than the national average.
New Providence ranks as the #220 cheapest in New Jersey out of 260.
New Providence ranks as the #5,900 cheapest out of 6,489 in the US.
The median home value in New Providence is $946,197.
The median income in New Providence is $162,877.
Table Of Contents
New Providence's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in New Providence, NJ?
According to the most recent data on the cost of living, New Providence has an overall cost of living index of 160, which is 1.6x higher than the national index of 100.
Compared to New Jersey, New Providence has a cost of living index that's 1.3x higher than New Jersey's index of 122.
The standard of living in New Providence ranks as #220 most affordable out of the 260 places we measured in New Jersey. By definition, that implies New Providence ranks as the #40 most expensive place in the Garden State.
For more reading on life in New Providence, check out:
In New Jersey
In America
New Providence Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in New Providence. Here is how it fairs on each of the criteria:
The Services index in New Providence is 101.
The Groceries index in New Providence is 104.
The Health index in New Providence is 101.
The Housing index in New Providence is 296.
The Transportation index in New Providence is 93.
The Utilities index in New Providence is 103.
| Living Expense | New Providence | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 160 | 122 | 100 | |
| Services | 101 | 108 | 100 | |
| Groceries | 104 | 104 | 100 | |
| Health | 101 | 99 | 100 | |
| Housing | 296 | 159 | 100 | |
| Transportation | 93 | 101 | 100 | |
| Utilities | 103 | 107 | 100 | |
New Providence, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in New Providence is $946,197.
The Median Rent in New Providence is $1,906.
The Median Income in New Providence is $162,877.
The Home Value To Income in New Providence is 5.8x.
The Rent To Monthly Income in New Providence is 0.14x.
| Statistic | New Providence | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $946,197 | $564,432 | $303,400 |
| Median Rent | $1,906 | $1,653 | $1,348 |
| Median Income | $162,877 | $101,050 | $78,538 |
| Home Value To Income | 5.8x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.14x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
New Providence, NJ Costs By Category
Detailed New Providence Services Costs Vs. New Jersey
| Item | New Providence | New Jersey |
|---|---|---|
| Shampoo | $1.44 | $1.28 |
| Movie | $14.15 | $12.13 |
| Bowling | $25.03 | $18 |
| Haircut | $29.17 | $24.26 |
| Beauty Salon | $40.36 | $45.56 |
Detailed New Providence Groceries Costs Vs. New Jersey
| Item | New Providence | New Jersey |
|---|---|---|
| Ground Beef | $5.64 | $5.84 |
| Fried Chicken | $1.55 | $1.57 |
| Milk | $4.74 | $4.67 |
| Potatoes | $5.21 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.66 | $10.41 |
| Toothpaste | $3.66 | $3.7 |
Detailed New Providence Health Costs Vs. New Jersey
| Item | New Providence | New Jersey |
|---|---|---|
| Optometrist | $105.11 | $125.68 |
| Doctor | $117.94 | $135.78 |
| Dentist | $121.22 | $113.29 |
Detailed New Providence Transportation Costs Vs. New Jersey
| Item | New Providence | New Jersey |
|---|---|---|
| Gasoline | $3.45 | $3.46 |
| Tire Balancing | $77.33 | $59.92 |
Detailed New Providence Utilities Costs Vs. New Jersey
| Item | New Providence | New Jersey |
|---|---|---|
| All Electricity | $230.68 | $193.99 |
| Phone | $186.61 | $192.25 |
New Providence SnackAbility
/10
Cost Of Living In Cities Around New Providence
The cost of living varies in the cities and towns around New Providence. Here's a quick look at the cost of living in the most populous nearby places:
Westfield, NJ has a cost of living index of 178, 1.1x New Providence.
Summit, NJ has a cost of living index of 183, 1.1x New Providence.
Madison, NJ has a cost of living index of 173, 1.1x New Providence.
| City | Population | Cost Of Living | Vs. New Providence |
|---|---|---|---|
| Westfield, NJ | 30,760 | 178 | 1.1x |
| Summit, NJ | 22,512 | 183 | 1.1x |
| Madison, NJ | 16,464 | 173 | 1.1x |
| Short Hills, NJ | 14,398 | 259 | 1.6x |
| Bradley Gardens, NJ | 14,315 | 150 | 0.9x |
| Florham Park, NJ | 13,134 | 165 | 1.0x |
| Martinsville, NJ | 12,016 | 159 | 1.0x |
| Lincoln Park, NJ | 10,901 | 124 | 0.8x |
| Succasunna, NJ | 9,866 | 134 | 0.8x |
| Chatham, NJ | 9,219 | 181 | 1.1x |
