New Jersey's cost of living index is 128 — 28.0% above the US average of 100. Compare purchasing power and equivalent salaries across states.
CoL Index
128
US avg = 100
vs. National Avg
+28.0%
More expensive
Median Income
$89,703
New Jersey median household
Equiv. at US Avg
$70,080
Same purchasing power
| CoL Index | 128 | MIT/MERIC composite index (US avg = 100) |
| vs. National | +28.0% | Above average cost |
| Median Household Income | $89,703 | New Jersey median (2023 ACS) |
| National Purchasing Power | $70,080 | Equivalent $ at US avg CoL |
| Overall Category | Very High | Qualitative classification |
| Population | 9,288,994 | 2020 US Census |
With a cost of living index of 128, New Jersey is 28% above the national average. Higher costs in New Jersey mean your dollar stretches less far than in most states. A salary of $89,703 in New Jersey provides the equivalent purchasing power of $70,080 in a state with average cost of living.
Housing is typically the largest driver of cost of living differences between states.New Jersey's median home price of $480,000 is significantly above the national median of approximately $310,000. Other factors include state income tax (10.75% top rate in New Jersey), sales tax (6.63% state rate), and local property tax rates (2.47%).
