Cost of Living in Newark, CA

An Overview of Cost of Living in Newark, CA

Getting a feel for the cost of living in Newark is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Newark is 197, which is 97% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Newark 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, Newark falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Newark, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 284.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Newark, the news isn't any better as grocery prices are 14.5% higher than the national average.

What Do Locals Say About the Cost of Living in Newark?

Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Newark and this is how they responded. 17% of people said that the cost of living was affordable, with prices decreasing, while 83% of people said that the cost of living was very expensive and prices continue to rise.

Is Newark Affordable?

Is Newark affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Newark, the median home price is 341.9% higher than the national average and monthly rent prices are 149.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Newark boasting a median household income of $127,619, 130.7% higher than the national average.

What Factors can Influence the Cost of Living in Newark?

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Newark, the groceries index is 14.5% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Newark, healthcare costs are 22.6% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Newark cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.