Cost of living comparison between New York and New Jersey
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One of the most important things to analyze when moving to a certain place is the awareness of both the moving costs and the overall costs of living. The very beginning of your life in a new place will be strongly influenced by the costs. Therefore, knowing in advance all the expenses will prepare you and you’ll know how much money you need to put aside for the move itself with the help of NJ movers and packers and your life in a new place for at least a month or two after the move. Therefore, do a cost of living comparison between New York and New Jersey to become aware of the differences and their effect on your new life. We are to help you understand the costs even better. You’ll get familiar with a variety of costs in both places, including the moving costs as well right here.
Let’s do a cost of living comparison between New York and New Jersey
In order for you to get genuine knowledge about life in both NJ and NYC we are to provide some basic information about numerous costs. Hence, we suggest you keep on reading since the information will be quite valuable to you in case moving from NY to NJ is your plan. What costs interest you most?
- housing costs
- groceries and utilities
- going out or leisure costs
- moving costs
When you decide to move one of the main things you must do is find a new home. Well, we can’t say this is an easy endeavor, especially nowadays. Therefore, after hiring your household movers NJ start searching for your new home at once. The earlier you start the better chances you have finding something good and affordable.
You’d be surprised to know that housing costs go in favor of New York City. The housing costs in NJ are about 36% higher than the average while in NY they are around 27% higher. Of course, the difference isn’t huge but still, New Jersey turns out to be more expensive. Why is that so? Well, the situation over the last two to three years during the pandemic has changed many things including this one. We may mention several reasons that led to this situation with the housing costs.
- low-interest rates on mortgage loans
- increased demand among home buyers
- a limited supply of homes
What are the consequences of certain changes in the market?
All the things previously mentioned have led to the rise of house prices all over the country, not only in NJ. However, New Jersey became more popular than New York for people who wanted to find a home away from all the hustle of the big city. Furniture movers NJ is always at your disposal in these situations. Of course, New Jersey is large but still offers a bit of peace and nature. Meanwhile, the situation got worse since homeowners in NJ and everywhere else were reluctant to sell their homes for the same reason people started buying them so much. Thus, the competition has simply increased the prices.
What are the prices of homes in both NJ and NYC?
Now let’s have a look at the actual prices. The median home price in New Jersey is $432,100. On the other hand, expect the median home price in New York of $413,600. Of course, the prices vary a lot when you go from one city to another. Hence, when moving with the assistance of movers NJ to NYC you need to know what city you are interested in. If home prices make a significant influence on your decision then our next information will be very useful to you.
In case you plan to buy a new home then you should know that the city of New York is the most expensive one with house prices of $677,200. The cheaper options are definitely Buffalo and Albany which results in the great option of using packing services NJ. Basically, going closer to New York the amount of money you need is higher. As for New Jersey, Jersy City has some of the most expensive homes at approximately $553,000. A bit less expensive cities in NJ are Newark and Trenton.
What about renting?
When analyzing the NJ and NYC cost of living comparison we must deal with the rent prices as well. After all, not everyone will buy a new home. Some will decide to organize the move by hiring long distance movers NJ and renting a new home. The average rent in New Jersey is also a bit higher than in New York. Still, as with buying, rents differ in a variety of cities. As for NJ, we must state that Hoboken and Jersey City are the cities with the highest rents in NJ. On the other hand, lower rent can be found in Newark. When talking about New York and its cities, Manhattan has some of the highest rents going over $4,000. The cheaper cities are Springfield, Buffalo, and Rochester.
In need to compare the costs of living between NY and NJ, we are to question the healthcare costs and their rise in recent years. Of course, the costs of health insurance are influenced by the number of adults on the plan and the number of dependents if there are some. The healthcare costs in New York are almost 21% higher than the average while the situation in NJ is much better. After all, healthcare costs in NJ are about 3% lower than the national average. Moreover, when we look at 2023 health insurance costs increased by an average of 9% across New York. Hence, you are to pay about $88 more per month. On the other hand, the situation in New Jersey is better since health insurance costs increased by 3%.
As for the health insurance plan consider well what plans suit you most. For instance, New York residents can buy affordable health insurance through the New York State of Health insurance marketplace. Hence, those with moderate incomes can reduce their monthly costs. The average cost of health insurance in NY is $776 per month if you’re buying a Silver health insurance plan. On the other hand, the average healthcare insurance cost in NJ is from $450 to $1,000 per month across all plans.
Groceries and utilities
Unfortunately due to inflation and the current financial situation all over the world, the prices have gone really high. Hence, you need to be well aware of the situation and learn how to control the expenses. After all, when living somewhere you need to eat and pay the bills.
First of all, we will deal with groceries. When comparing NJ and NY we have to tell you that the difference is slight. Maybe NJ is 2% more expensive than NYC. For instance, after observing the average annual income food expenses account for $4,559 or 11.7%. As a result, you won’t be able to afford a lot of luxury. If we observe New York the average groceries costs in New York City are usually about $486.71 a month, per person. This is well above the national average. Many consider that food costs tend to be so high in NY because companies that sell food need more money to pay for commercial leases and workers’ wages than in other parts of the country. Also, delivering food in NY, especially Manhattan, can be quite difficult.
If we observe utility costs the situation is also similar but NYC utility costs are maybe 6% higher than in NJ. For instance, the average monthly bill in NJ is $114.87 which is definitely cheaper than the U.S. average. As for NYC, the basic utility package for a 915-square-foot place is $170. This is almost the same as the U.S. average. The costs of internet on a monthly level are also similar to the rest of the country and it’s about $65 a month.
After analyzing the costs of living between NYC and NJ we must stop a moment and have a look at the transportation costs. They are approximately 40% higher than the average in NYC while the same costs are 27% higher in New Jersey.
New York offers a variety of public transportation options. Though expensive you must use some means of transport since owning a car in New York is not desirable due to the lack of parking spots and expensive auto insurance. Hence, have a look at the transportation options and costs in New York.
- subway – First, you need to get a MetroCard. If you pay per ride you need $2.75. O the other hand, an unlimited monthly MetroCard is $127.
- bus – The same situation goes for the bus since you need $2.75 per ride.
- ferry – Also $2.75 a ticket.
- taxi – What you need to know is that taxi fares start at $2.50 and then increase depending on the distance and time.
- Citi Bike – Residents have the option of buying annual membership through Citi Bikes’ official website.
Similarly to NY, you are to avoid using a car in New Jersey since you will spend a lot of money on gas and have lengthy commutes. As for other public transportation options, you have alternatives such as buses, a train, ferries, and taxis. What matters is that by using a PATH system you need $2.75 per ride.
Should we speak about entertainment and fun in New York? Undoubtedly, NYC is absolutely perfect for going out and having fun. The only thing that may concern you is the costs. What we may say is that its residents spend 4.1% of the budget on the entertainment. It is less than the U.S. average. However, this percentage doesn’t include food and alcohol.
Nevertheless, believe us New Jersey has a lot to offer. It has a lot of entertainment opportunities and many outdoor activities. Hence, you can go out and enjoy your free time without paying anything. Of course, if you want to visit a museum or some other place you are to spend money on tickets. They range from $25 to $50 depending on the place itself.
Overall, contrasting the living expenses between NJ and NY show some differences. Still, leisure costs are quite similar. After all, it all depends on the type of entertainment you prefer.
You should also consider moving costs apart from the cost of living comparison between New York and New Jersey
Moving from NY to NJ and vice versa is definitely the beginning of a new period in your life. One thing is certain, the best would be to hire professionals and use the moving services NJ. The final price depends on multiple factors. Therefore, the costs of the moving range from $95 to $3.325. Of course, the price depends on numerous factors. We have decided to point out some of the most important ones.
- Are you moving on your own or with the help of professional movers?
- Will you use storage services NJ and other additional services?
- How much will you move?
- The moving date matters.
Determine what suits you most – New Jersey or New York?
All in all, we have paid attention to the cost of living comparison between New York and New Jersey. After all, it’s of great importance to know the costs in order to be able to prepare for the new life. Basically, if we could reach conclusion after certain data we can say that both NJ and NY are quite expensive. However, NYC is more expensive in terms of healthcare, utilities, and transportation costs. On the contrary, NJ is the leader in expenses related to groceries and house prices. Still, the differences themselves are slight. Therefore, what matters is that both NY and NJ deserve your attention and guarantee a nice life full of opportunities and pleasure. Yes, they are both expensive. Still, if you are able to afford to live in some of the places we advise you to try. Most certainly, you will enjoy it.