Cost of Living in Elizabeth, NJ

With a cost of living index of 116, Elizabeth, NJ is a notably expensive place to live. Living here is 16% more expensive than the national average and 12% below the New Jersey state average of 128. As a major city with a population of 135,887, Elizabeth offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Elizabeth's cost of living. The median monthly rent is $1,463 (11% above the US median of $1,319), and the median home value sits at $393,500 (29% above the national median of $304,900). At current prices, the median home costs roughly 6.2x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Elizabeth is $63,874, which is 15% lower than the national median of $75,149. Residents spend roughly 27% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Everyday prices in the New York-Newark-Jersey City, NY-NJ (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.