Cost of living in New Jersey is among the highest in the country
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New Jersey is the fourth most expensive state in the U.S. to live in, according to a new report from doxo, an online bill payment service.
The 2024 Cost of Bills Index, recently released by doxo, compares average household spending by state and in major U.S. cities. The index tracks data on the 10 most common household bills, including utilities, phone and cable, auto loans, auto and health insurance, and rent and mortgage.
What is the cost of living in New Jersey?
According to the report, the average American household spends $2,126 per month on these common bills, for a total of $25,513 per year. However, households in New Jersey face significantly higher costs. The average household in the state spends $2,802 per month, 32% more than the national average.
The report also highlights that the median income of New Jersey residents is $104,132. Despite the above-average income, the high cost of living underscores the financial challenges faced by many of the state’s residents.
Doxo’s report provides a detailed look at how these expenses vary across states and provides a benchmark for understanding the financial demands on households across the country.
In his 2024 State of the State address, Governor Phil Murphy said making life more affordable in New Jersey is a high priority.
“By lowering taxes, raising wages and putting more money in people’s pockets, each of these steps gives us confidence that not only can we live comfortably in New Jersey, but that we can’t imagine living anywhere else,” Murphy said.
The most expensive states to live in
According to the report, these are the ten states with the most expensive living conditions.
- Hawaii
- California
- Massachusetts
- New Jersey
- Maryland
- Washington
- new York
- Connecticut
- Colorado
- New Hampshire
For residents of New Jersey, the data confirms that the state is one of the most expensive places to live in the United States.
