| Index | Newark | New Jersey | National |
| Cost of living | 120 | 125 | 100 |
| Groceries | 108 | 108 | 100 |
| Health care | 110 | 112 | 100 |
| Housing | 135 | 157 | 100 |
| Transportation | 119 | 114 | 100 |
| Utilities | 111 | 111 | 100 |
| Lifestyle & Entertainment | 115 | 113 | 100 |
| Household Items | 107 | 107 | 100 |
| Education & Childcare | 129 | 120 | 100 |
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 120, which is 20% 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.
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 34.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in Newark. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 50% found it budget-friendly with decreasing prices, while 50% said it's simply not affordable as prices have continued to rise.
Wondering if Newark 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 Newark, for example, the median home price is 42.5% higher than what folks pay nationally, and monthly rent is 16.2% higher than the usual rates. Plus, income levels matter too, with Newark boasting a median household income of $55,278, which is 32% lower than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Newark comes in at 11% higher than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Newark, the transportation index is 18.5% 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 Newark starts at 6.625% and the income tax rates start at 1.4%.
The Newark cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $104,625 | $8,719 | $2,441 | $3,139 |
| Renters | $47,261 | $3,938 | $1,103 | $1,418 |
| 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. |
| 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% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| Plainfield, NJ | 51,295 | 122 | 21.5% |
| Newark, NJ | 290,764 | 120 | 19.8% |
| City | Population | Cost of Living Index | National Avg. |
| Gatineau, QC | 293,695 | n/a | |
| Lincoln, NE | 293,945 | 97 | 2.9% |
| Orlando, FL | 294,679 | 116 | 16.2% |
| Durham, NC | 285,434 | 109 | 9.4% |
| Plano, TX | 297,929 | 122 | 21.8% |
| Newark, NJ | 290,764 | 120 | 19.8% |
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