New Jersey's cost of living index is 119.2 — 19.2% above the US average of 100 (MERIC (C2ER index), Second Quarter 2026). The index averages the cities that take part in the survey, so it describes those areas rather than the whole state. Compare purchasing power and equivalent salaries across states.
CoL Index
119.2
US avg = 100 · MERIC (C2ER index), Second Quarter 2026
vs. National Avg
+19.2%
More expensive
Median Income
$104,294
Median household · Census ACS 2024 1-year
Equiv. at US Avg
$87,495
Same purchasing power
| CoL Index | 119.2 | MERIC (C2ER index), Second Quarter 2026 — composite, US avg = 100 |
| vs. National | +19.2% | Above average cost |
| Median Household Income | $104,294 | New Jersey median — Census ACS 2024 1-year |
| National Purchasing Power | $87,495 | Equivalent $ at US avg CoL |
| Overall Category | Very High | CalcHub band of the index: Low < 90 ≤ Moderate < 100 ≤ High < 115 ≤ Very High |
| Population | 9,548,215 | Census Bureau estimate, July 1, 2025 |
With a cost of living index of 119.2, New Jersey is 19% above the national average. Higher costs in New Jersey mean your dollar stretches less far than in most states. A salary of $104,294 in New Jersey provides the equivalent purchasing power of $87,495 in a state with average cost of living.
Housing is typically the largest driver of cost of living differences between states.New Jersey's typical home value of $580,400 is well above the U.S. typical value of $368,700 (Zillow Home Value Index, August 2026). Other factors include state income tax (10.75% top rate in New Jersey), sales tax (6.625% state rate), and property taxes (1.89% effective rate).
