Morristown Among NJ’s Most Expensive Towns, Report Says
Original Source: Patch
By Vianella Burns
MORRISTOWN, NJ — Have you ever wondered how affordable it is to have a home near Morristown?
According to a new report released this week, the average American household spends $24,557 per year on the most important household bills, but the average Morristown resident spends significantly more.
As the cost of living in the United States continues to rise, residents of Hawaii, California, New Jersey, Massachusetts, and Maryland may be feeling more pressure, as these states top the list of the most expensive.
Morris County is the most expensive county in New Jersey, according to doxo’s 2023 State by State Bill Pay Market Report, which examines the $3.87 trillion U.S. consumer bill pay market.
The report, which reflects actual bill payment activity in more than 97 percent of U.S. zip codes, identifies the most and least expensive states for Americans to live in based on average monthly spending on actual household bill payments.
According to the report, Morristown’s bills are $13,980 higher than the national average, coming in at $38,537 per year and $3,211 per month.
“Household expenses in Morristown, New Jersey are 56.9 percent more than the U.S. average,” the report states.
Morristown comes in as the 26th most expensive town in New Jersey and the fourth most expensive in Morris County, having been beaten by Chatham, Madison and Randolph.
One of the main contributors is Morristown’s mortgage and rent prices. According to the study, the average mortgage payment in Morristown is $3,059, while the national average is $1,321. For renters, that price goes down to $1,994 in Morristown and $1,191 nationally.
Health insurance is one of the only categories in Morristown that is lower than in other areas. The average Morristown resident pays $103 per month for health insurance, compared to $120 nationally.
“As consumers navigate their household bills in today’s volatile marketplace, bill payers may feel left in the dark, not fully understanding how much they are truly paying each month,” said Liz Powell, Senior Director of INSIGHTS at doxo.
Earlier this year, the National Low Income Housing Coalition released its annual report on rental costs, showing that many Americans make less than their area’s “housing wage—the hourly, full-time wage needed to afford fair-market rent without spending more than 30 percent of their income.
According to the NLIHC, New Jersey has one of the highest minimum wages in the country, at $14.13 per hour.
However, Morristown’s market rate for a two-bedroom apartment is $2,320 per month, which would necessitate an hourly wage of $44.62, which amounts to approximately $89,240 per year.
According to the NLIHC, 26 percent of tenant households in New Jersey earn less than what is required to afford two-bedroom rent. According to the report, even affording a “modest” one-bedroom apartment at market rate necessitates 79 minimum-wage hours per week.
View the NLIHC’s full report: Out of Reach 2023: The High Cost of Housing.