Living in New Jersey: Income, Housing, Taxes & Cost of Living (2026)
By Wealthvieu
·
Updated
Table of Contents
New Jersey at a Glance
| Metric |
Value |
National Rank |
| Population (2024) |
9.3 million |
11th |
| Median household income |
$89,703 |
3rd highest |
| Median home price |
$480,000 |
High |
| Cost of living index |
120 |
High |
| State income tax |
1.4-10.75% |
Very high |
| Sales tax |
6.625% |
Above average |
| Property tax (effective rate) |
2.23% |
Highest in US |
Income and Housing
| City/Area |
Median Income |
Median Home Price |
Median Rent (2BR) |
| Bergen County |
$105,000 |
$580,000 |
$2,200 |
| Morris County |
$120,000 |
$600,000 |
$2,100 |
| Hudson County (Jersey City) |
$85,000 |
$520,000 |
$2,800 |
| Middlesex County |
$96,000 |
$460,000 |
$1,900 |
| Essex County (Newark area) |
$68,000 |
$400,000 |
$1,650 |
| Ocean County |
$75,000 |
$430,000 |
$1,600 |
| Camden County |
$72,000 |
$280,000 |
$1,350 |
| Monmouth County |
$105,000 |
$560,000 |
$1,900 |
| Atlantic City area |
$52,000 |
$245,000 |
$1,250 |
Property Tax: The #1 Financial Factor in NJ
| Home Value |
Annual Property Tax (at 2.23%) |
Monthly |
vs. National Avg (1.07%) |
| $300,000 |
$6,690 |
$558 |
+$3,480/yr extra |
| $400,000 |
$8,920 |
$743 |
+$4,640/yr extra |
| $500,000 |
$11,150 |
$929 |
+$5,800/yr extra |
| $600,000 |
$13,380 |
$1,115 |
+$6,960/yr extra |
Some municipalities (Camden, Newark, Trenton) have effective rates over 3%.
Income Tax Brackets (2025)
| Taxable Income (Single) |
Rate |
| Up to $20,000 |
1.4% |
| $20,001-$35,000 |
1.75% |
| $35,001-$40,000 |
3.5% |
| $40,001-$75,000 |
5.525% |
| $75,001-$500,000 |
6.37% |
| $500,001-$1,000,000 |
8.97% |
| Over $1,000,000 |
10.75% |
Total Tax Burden: NJ vs. Other States
| Gross Income |
NJ Total Tax (Fed+State+Prop on $400K home) |
Texas (no income tax, 1.60% prop) |
Florida (no income tax, 0.86% prop) |
| $100,000 |
$35,585 |
$27,665 |
$25,065 |
| $150,000 |
$50,343 |
$40,393 |
$37,793 |
| $200,000 |
$66,093 |
$54,093 |
$51,493 |
NJ residents pay $8K-$15K more per year than comparable no-income-tax states.
New Jersey Pros and Cons
| Financial Pros |
Financial Cons |
| 3rd highest median income |
Highest property taxes in US |
| Access to NYC and Philly job markets |
10.75% top income tax rate |
| Top 3 public schools nationally |
120 COL index |
| Diverse economy and job market |
Traffic and commuting costs |
| Strong worker protections and benefits |
High auto insurance rates |
Related: Cost of Living by State | State Income Tax Rates | Property Tax by State
