| Index | New Providence | New Jersey | National |
| Cost of living | 166 | 125 | 100 |
| Groceries | 108 | 108 | 100 |
| Health care | 111 | 112 | 100 |
| Housing | 296 | 157 | 100 |
| Transportation | 110 | 114 | 100 |
| Utilities | 109 | 111 | 100 |
| Lifestyle & Entertainment | 108 | 113 | 100 |
| Household Items | 106 | 107 | 100 |
| Education & Childcare | 118 | 120 | 100 |
Understanding the cost of living in New Providence can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The New Providence cost of living index is 166, which is 66% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in New Providence 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 Providence falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in New Providence, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 196.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is New Providence an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in New Providence is 243.3% higher than the national average, while the average monthly rent prices are 86.4% higher than average. The affordability of any location can also be influenced by median income levels. New Providence has a median household income of $227,558, which is 179.8% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In New Providence, the transportation index is 9.7% higher than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in New Providence starts at 6.625% and the income tax rates start at 1.4%.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In New Providence, the housing index is 196.2% higher than the national average.
The cost of living estimates displayed for New Providence are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $247,126 | $20,594 | $5,766 | $7,415 |
| Renters | $134,604 | $11,217 | $3,141 | $4,039 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| Zarephath, NJ | 98 | 113 | 12.8% |
| Victory Gardens, NJ | 1,654 | 108 | 7.7% |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Roselle, NJ | 22,321 | 116 | 15.7% |
| Silver Lake CDP (Warren County), NJ | 326 | 117 | 17.3% |
| New Providence, NJ | 13,898 | 166 | 65.7% |
| City | Population | Cost of Living Index | National Avg. |
| Jensen Beach, FL | 13,898 | 111 | 11.4% |
| Englewood, OH | 13,901 | 90 | 10.3% |
| Monroe, GA | 13,903 | 95 | 4.7% |
| The Nation / La Nation, ON | 13,890 | n/a | |
| Lacombe, AB | 13,889 | n/a | |
| New Providence, NJ | 13,898 | 166 | 65.7% |
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