Cost of Living in Newark, NJ
Newark has a cost of living index of 112 (100 = national average), making it more expensive than the national average. The median household income is $37,476 and the median home price is $350,000.
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Newark at a Glance
Population
305,344
Cost of Living Index
112
Median Income
$37,476
Median Home Price
$350,000
Property Tax Rate
2.36%
Sales Tax Rate
6.63%
Rent Index
105
State
New Jersey
Living in Newark
Newark has a cost of living slightly above the national average. While housing at $350,000 is a significant expense, the area offers a balance between cost and quality of life.
The combined sales tax rate in Newark is 6.63%, and the effective property tax rate is 2.36%. Property taxes are above the national average, which is an important consideration for homebuyers.