Housing costs in Newark?
A typical home costs
$313,000, which is 7.4% less expensive than the national average of
$338,100 and 27.6% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,380 per month, which is 19.3% cheaper than the national average of
$1,710 and 57.2% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07103), New Jersey, a minimum annual income of
$60,120 for a family, and
$46,000 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07103 Newark, NJ is relatively high compared to other areas. The median home value in the area is over $280,000, which is higher than the national average. Additionally, the median rent for a one-bedroom apartment in this zip code is estimated to be around $1,400 per month. Groceries and other basic items may also cost more than usual due to the area being somewhat of an urban hub. Despite these costs, there are plenty of great amenities in the area that can make it worth the additional expense.