Hoboken, NJ vs Somerset, NJ

The cost of living difference between Hoboken, NJ and Somerset, NJ is dramatic. Somerset is 45.4% cheaper than Hoboken, a gap that translates to thousands of dollars per year in household expenses. Hoboken has a cost index of 196 while Somerset sits at 135, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Hoboken is $2,819/month compared to $2,050/month in Somerset — a 38% difference. Home values follow the same pattern: Somerset is more affordable at $408,600 median vs $872,100.

Median household income in Hoboken is $176,943 compared to $113,603 in Somerset (+55.8%). While Hoboken is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Hoboken spend roughly 19.1% of their income on rent, less than the 21.7% in Somerset.