Overall
New Jersey feels cheaper overall
New Jersey has the lower cost-of-living index, beating New York by 11.0 points on the overall affordability baseline.
View detailed comparison
Cost of Living Comparison
Quality of Life
New Jersey vs New York: Cost of Living
New Jersey is cheaper overall by 11.0 cost-of-living points, but New York has lower median home values.
121.7
Composite cost of living index (100 = national average). Lower = more affordable.
New York
NY • Northeast
132.7
Composite cost of living index (100 = national average). Lower = more affordable.
Visual Comparison
New Jersey
121.7
New York
132.7
Difference: 11.0 points — New Jersey leads.
National Rankings
Where They Rank Nationally
See where both states fall among all 50 states for cost of living.
New Jersey
#45 · 121.7
New York
#47 · 132.7
Best
Worst
10 Best States — Cost of Living
Lower is better
#1
West Virginia
83.6
West Virginia
#2
Mississippi
85.5
Mississippi
#3
Arkansas
87.6
Arkansas
#4
Kentucky
88.0
Kentucky
#5
Alabama
88.6
Alabama
#6
Oklahoma
88.6
Oklahoma
#7
Missouri
90.0
Missouri
#8
Kansas
90.2
Kansas
#9
Iowa
91.0
Iowa
#10
Ohio
91.0
Ohio
Selected states
#45
New Jersey
121.7
New Jersey
#47
New York
132.7
New York
New Jersey ranks 45th and New York ranks 47th nationally for cost of living.
Overview
A fast-reading view of the tradeoffs behind the raw cost numbers.
Living Costs
Housing
pay about 1.1x more for a home
New York has the lower median home value, while buying in New Jersey costs materially more at the median.
View detailed comparisonRent Pressure
New Jersey puts less pressure on a median paycheck
Median rent takes a smaller share of household income in New Jersey than in New York, which makes monthly budgeting easier.
View detailed comparisonTaxes
New Jersey keeps more income after state tax
New Jersey has the lower top state income tax rate, which softens the total cost picture even when prices are close.
View detailed comparisonCost Stack
New Jersey
Overall Affordability
Cost of living index
121.7
Regional price parity
112.9
Regular gas price
$4.093/gal
Electricity price
23.13 c/kWh
Housing
Median gross rent
$1,576/mo
Median home value
$400,900
Owner costs with mortgage
-
Owner costs without mortgage
-
Taxes
State income tax
10.75%
State sales tax
6.62%
Property tax
2.11%
Income
Median household income
$97,126
Income after median rent
$6,518
Minimum wage
$15.49/hr
Laws
Gun laws
Restrictive
Alcohol system
License State
Marijuana status
Legal
New York
Overall Affordability
Cost of living index
132.7
Regional price parity
114.8
Regular gas price
$4.069/gal
Electricity price
28.37 c/kWh
Housing
Median gross rent
$1,578/mo
Median home value
$367,200
Owner costs with mortgage
-
Owner costs without mortgage
-
Taxes
State income tax
10.90%
State sales tax
4.00%
Property tax
1.55%
Income
Median household income
$78,609
Income after median rent
$4,973
Minimum wage
$16.50/hr
Laws
Gun laws
Restrictive
Alcohol system
License State
Marijuana status
Legal
What Stands Out
- New York has lower median home values.
- New Jersey has the lower overall cost index.
- New Jersey has the higher median household income.
- New Jersey looks more attainable on home value to income ratio.
Affordability Ratios
Related Pages
What This Means
New Jersey vs New York: Cost of Living in context
New Jersey has a cost of living of 121.7, compared with 132.7 in New York. Composite cost of living index (100 = national average). Lower = more affordable.
New Jersey
121.7
New York
132.7
Difference
11.0 points
People Also Ask
New Jersey vs New York Cost of Living — Common Questions
Q What is New Jersey's cost of living?
New Jersey's cost of living is 121.7.
Q What is New York's cost of living?
New York's cost of living is 132.7.
Q Which state has a lower cost of living — New Jersey or New York?
New Jersey is cheaper overall by 11.0 cost-of-living points, but New York has lower median home values.
More Comparisons: New Jersey vs New York
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Sources: Core demographic data comes from the 2020 U.S. Census, with land area from U.S. Census Bureau TIGER files. Income, housing, affordability, and tax fields are maintained in our comparison dataset; purchasing-power figures use BEA Regional Price Parities. Minimum wage data comes from the U.S. Department of Labor, gas prices from AAA, and electricity rates from the U.S. Energy Information Administration. Political control and election fields use 2024 presidential results together with National Conference of State Legislatures data. Gun-law labels use the Giffords scorecard, alcohol system data comes from NABCA, and marijuana status uses NCSL's state cannabis laws tracker.