Insights » Cost of Living in New Jersey: Cities Where Household Expenses are Highest and Lowest in 2024

Cost of Living in New Jersey: Cities Where Household Expenses are Highest and Lowest in 2024

What is the cost of living in New Jersey? doxo breaks down key insights about New Jersey’s household expenses, with a close look into how bills differ between towns and cities across the state. 

According to doxo’s The Cost of Bills Index™ (COBI), the average household in New Jersey pays $2,802 in monthly expenses. doxoINSIGHTS compares the cost of the ten most common household bills across different regions. This includes Utilities, Cable & Phone, Mobile Phone, Auto Loans, Auto Insurance, Life Insurance, Health Insurance, Alarm & Security, Rent, and Mortgage.

The data sheds light on New Jersey’s cost of living through other metrics as well. For example, the “percent of household income” data point shows what percentage of their household income residents spend on bills each month. 

By leveraging these tools, residents can gain a clearer understanding of their household expenses and optimize their financial planning.

New Jersey ranks as the 4th most expensive state in the US for household bills

According to doxo’s COBI report, New Jersey is ranked as the 4th most expensive state in the U.S. for household bills, making it the least expensive state for these expenses. 

At $33,627 per year, New Jersey’s household expenses, on average, are 32% higher than the US average of $25,513. 

Absolute dollar amounts don’t tell the full story, however. doxo’s “Percentage of Household Income” data provides a more proportional look at bill spending in a particular location. New Jersey households spend 32% of their income on bills. 

COBI helps consumers understand how much it costs to live in one area as compared to another as it relates to the most common household bills. For COBI, the number 100 represents the national average and then, states, counties and cities are assigned a number, either above or below 100, based on how they compare to the national average. The COBI for New Jersey is 108.

• Average Bill Cost per Household: $2,802 per month
• Cost of Bills Index(COBI): 132
• doxoINSIGHTS State Rank: #4
• Percent of Household Income Used for Bills: 32%
• Compared to the National Average: 32% higher

New Jersey Household Expenses are 32% Higher Than the National Average

The average New Jersey household pays $2,802 per month in the 10 most common household bills. The least expensive of these are alarm and security bills. 

On the lowest end of the spectrum, the average monthly payment for alarm and security bills in New Jersey is $111, compared to the national average of $85, making it 31% higher than average.

Monthly mortgage bills are the most significant of the 10 most common bills for New Jersey residents. The average monthly mortgage payment is $2,460, compared to the national average of $1,402, making it 75% more expensive. 

Average New Jersey Household Bill Spending

Princeton has the highest cost of living in New Jersey for household bills

Residents of Princeton pay the highest household bills in the state of New Jersey, at an average of $4,530 per month. The Cost of Bills Index (COBI) for Princeton is 213, meaning the average cost of bills in this city is 113% higher than the national average.

In proportion to household income, monthly bills in Princeton makeup 34% of the average annual household income of $160,673. 

Access detailed infographics about each city or town by clicking on the hyperlinks in the “City” column in the tables below. You can also browse doxoINSIGHTS’ regional bill comparison database to see infographics about more than 4,200 cities and towns across all 50 states in the US.

10 Most Expensive New Jersey Cities for Household Bills

Manchester Township has the lowest cost of living in New Jersey for household bills

Out of 224 cities, Manchester Township is the most affordable place in New Jersey, with residents paying $1,667 on average for household bills, accounting for 40% of annual income of $49,455. The Cost of Bills Index (COBI) for Manchester Township is 78, meaning the average cost of bills in this city is 22% below the national average. 

Pennsauken is the second most affordable city in New Jersey, with residents paying $1,838 per month on average.

Also on the list of the 10 least expensive cities in New Jersey are Salem ($1,978), Millville ($1,979) and Camden ($1,997).

10 Most Affordable New Jersey Cities for Household Bills

Some individuals might be considering moving from a more expensive city to a less expensive one. For those making such decisions, doxoINSIGHTS can be a valuable resource. It allows consumers to cfompare household expenses in New Jersey with average bills in various cities and states nationwide.