Cost of living in Newark 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 Newark 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 Newark is 112, with 100 being the average.
The cost of living index in Newark is 1.1x higher than the national average.
Newark ranks as the #50 cheapest in New Jersey out of 251.
Newark ranks as the #4,296 cheapest out of 6,412 in the US.
The median home value in Newark is $271,700.
The median income in Newark is $41,335.
According to the most recent data on the cost of living, Newark has an overall cost of living index of 112, which is 1.1x higher than the national index of 100.
Compared to New Jersey, Newark has a cost of living index that's 1.0x higher than New Jersey's index of 111.
The standard of living in Newark ranks as #50 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Newark ranks as the #201 most expensive place in the Garden State.
For more reading on life in Newark, check out:
Six factors go into calculating the cost of living index in Newark. Here is how it fairs on each of the criteria:
The Services index in Newark is 116.
The Groceries index in Newark is 109.
The Health index in Newark is 95.
The Housing index in Newark is 116.
The Transportation index in Newark is 106.
The Utilities index in Newark is 104.
|Living Expense||Newark||New Jersey||National Average|
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 2017-2021. The key points are:
The Median Home Value in Newark is $271,700.
The Median Rent in Newark is $1,167.
The Median Income in Newark is $41,335.
The Home Value To Income in Newark is 6.6x.
The Rent To Monthly Income in Newark is 0.34x.
|Statistic||Newark||New Jersey||United States|
|Median Home Value||$271,700||$355,700||$244,900|
|Home Value To Income||6.6x||4.0x||3.5x|
|Rent To Monthly Income||0.34x||0.19x||0.2x|
The cost of living varies in the cities and towns around Newark. Here's a quick look at the cost of living in the most populous nearby places:
Elizabeth, NJ has a cost of living index of 118, 1.1x Newark.
East Orange, NJ has a cost of living index of 108, 1.0x Newark.
Kearny, NJ has a cost of living index of 124, 1.1x Newark.
|City||Population||Cost Of Living||Vs. Newark|
|East Orange, NJ||68,918||108||1.0x|
|North Arlington, NJ||16,339||129||1.2x|
|Florham Park, NJ||12,655||165||1.5x|
|Hasbrouck Heights, NJ||12,120||134||1.2x|
|Glen Rock, NJ||12,098||163||1.5x|
|Franklin Lakes, NJ||11,034||207||1.8x|