An Overview of Cost of Living in New Brunswick, NJ
Are you thinking about relocating, but curious about the potential cost of living in New Brunswick? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in New Brunswick stands at 120, making it 20% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in New Brunswick is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, New Brunswick falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs significantly influence the New Brunswick cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 49.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in New Brunswick, these items will cost you 11.3% more than what's considered the norm, making it a more expensive place to call home.
What Do Locals Say About the Cost of Living in New Brunswick?
Nobody knows their city better than the people who actually live there. So, we asked 10 local residents how they would rate the cost of living in New Brunswick and this is how they responded. 40% of people said that the cost of living was affordable, with prices decreasing, while 60% of people said that the cost of living was very expensive and prices continue to rise.
Is New Brunswick Affordable?
Wondering if New Brunswick is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In New Brunswick, for example, the median home price is 44.7% higher than what folks pay nationally, and monthly rent is 60.6% higher than the usual rates. Plus, income levels matter too, with New Brunswick boasting a median household income of $43,930, which is 20.6% lower than the national average.
What Factors can Influence the Cost of Living in New Brunswick?
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In New Brunswick, the transportation index is 5.1% higher than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In New Brunswick, the housing index comes in at 49.4% higher than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Where is the Data From?
The cost of living in New Brunswick, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
Here are the best places to live in New Jersey
Check out the 10 safest cities in New Jersey
Top 10 cities in New Jersey with the best education system
These are the 10 most affordable cities in New Jersey