Housing costs in Newark?
A typical home costs
$476,500, which is 40.9% more expensive than the national average of
$338,100 and 10.3% more expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,350 per month, which is 21.1% cheaper than the national average of
$1,710 and 60.7% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07105), New Jersey, a minimum annual income of
$91,440 for a family, and
$44,800 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07105 Newark, NJ is relatively high. Housing costs are generally much higher than the national average, with an average two bedroom apartment costing around $1,335 per month. Transportation costs can also be expensive for those who need to use public transportation to get around. The sales tax rate is 7%, which is slightly higher than the national average. Additionally, utilities can also be more expensive than other parts of the country. Overall, the cost of living in 07105 Newark, NJ is above the national average and can be difficult for those on a limited budget to afford.