Housing costs in Newark?
A typical home costs
$420,700, which is 24.4% more expensive than the national average of
$338,100 and 2.6% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,450 per month, which is 15.2% cheaper than the national average of
$1,710 and 49.7% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07114), New Jersey, a minimum annual income of
$80,640 for a family, and
$48,400 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07114 Newark, NJ is relatively high. The median home price is around $190,000 which is significantly higher than the national average. Rent prices also tend to be slightly higher than the national median rent. Groceries are similarly priced as groceries around the nation, but utilities tend to be a bit higher than other areas. Additionally, transportation costs (gas and car insurance) may be slightly higher due to the urban environment of Newark. In summary, while living in 07114 Newark may be more expensive than other parts of the country, it is still an affordable place to live for those on a budget.