Cost of Living Comparison for Newark, NJ
Updated 2026 · Local data pre-filled
Newark's cost of living index is 140 — 40% more expensive than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
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How Newark Compares to the National Average
Understanding how Newark stacks up helps you calibrate your financial planning.
| Metric | Newark, NJ | US Average | Difference |
|---|---|---|---|
| Median Home Price | $395,000 | $420,800 | -6.1% |
| Median Monthly Rent | $1,800 | $1,713 | +5.1% |
| Median Household Income | $37,200 | $74,580 | -50.1% |
| Property Tax Rate | 2.30% | 1.10% | +109.1% |
| Cost of Living Index | 140 | 100 | +40.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Newark Financial Snapshot
- Population (Metro)
- 310,000
- Unemployment
- 6.1%
- Avg Commute
- 33 min
- Median Age
- 33.4
- Price-to-Rent Ratio
- 18.3x
- Annual Property Tax
- $9,085
Cost of Living Comparison in Other New Jersey Cities
Frequently Asked Questions — Newark
What is the median home price in Newark, NJ?
The median home price in Newark is $395,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Newark?
Median monthly rent in Newark is $1,800. That works out to $21,600/year, or 58% of the median household income — above the recommended 30% threshold.
Is Newark affordable?
Newark's cost of living index is 140 vs. the national average of 100. With a median household income of $37,200/year and a median home price of $395,000, the price-to-income ratio is 10.6x. This makes homeownership a significant stretch for the typical Newark household.
What is the property tax rate in Newark?
The effective property tax rate in Newark is 2.30% of assessed value. On the median home of $395,000, that's roughly $9,085/year ($757/month).