NJ ranked as one of the most expensive states to live in
This article was originally posted on NJHerald.com
New Jersey ranks as the fourth most expensive state to live in, according to a new report from doxo, an online bill payment service.
The 2024 Cost of Bills Index, recently released by the company, compares average household expenses by state and across major U.S. cities. The index tracks data on the 10 most common household bills, including utilities, phone and cable, auto loans, auto and health insurance, as well as rent and mortgage.
What is the NJ cost of living?
According to the report, the average American household spends $2,126 a month on these common bills, totaling $25,513 annually. However, New Jersey households spend $2,802 per month, 32% more than the national average.
The report also highlights that the average household income for New Jersey residents is $104,132. Despite the higher-than-average income, the elevated cost of living underscores the financial challenges many in the state face.
The report offers a detailed look at how these expenses vary across states, providing a benchmark for understanding the financial demands on households nationwide.
In his 2024 State of the State address, Gov. Phil Murphy said making life in New Jersey more affordable is a high priority.
He said the key is “cutting taxes, raising wages, and putting more money back in people’s pockets.”
He added, “Each one of these instills confidence that you can not only live comfortably in New Jersey — but that you could not imagine living anywhere else,” Murphy said.
The most expensive states to live in
According to the report, these are the top 10 most expensive states to live in.
- Hawaii
- California
- Massachusetts
- New Jersey
- Maryland
- Washington
- New York
- Connecticut
- Colorado
- New Hampshire
For those living in New Jersey, the data reaffirms the state’s position as one of the most expensive places to call home in the U.S.