Cost of Living in Newark, NJ

With a cost of living index of 107, Newark, NJ is somewhat more expensive than average. Living here is 7% more expensive than the national average and 20% below the New Jersey state average of 128. As a major city with a population of 307,188, Newark offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Newark's cost of living. The median monthly rent is $1,330 (1% above the US median of $1,319), and the median home value sits at $337,800 (11% above the national median of $304,900). At current prices, the median home costs roughly 7x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Newark is $48,416, which is 36% lower than the national median of $75,149. Residents spend roughly 33% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

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.