The overall average in New Jersey for what is considered to be middle class income for a family of four is between $60,000 and $177,000 a year.
How much should I make to live in NJ?
To live in a one-bedroom apartment, you need to make $46,619 per year on average. Minimum-wager earners in New Jersey would have to work a whopping 106 hours per week to afford a modest one-bedroom apartment at the fair market rent of $1,165 per month.
Can I afford to live in New Jersey?
A new study, conducted by the National Low Income Housing Coalition and the Housing and Community Development Network of New Jersey, finds New Jersey is the fifth most expensive state for renters. According to the study, a New Jersey family needs to earn at least $60,000 to afford a two-bedroom home at $1,500.
Is it cheaper to live in NJ or NY?
NYC is the most expensive city in America so it should come as no surprise that New Jersey offers a more affordable cost of living. Newark and Jersey City are both considerably cheaper than NYC. The median home price in Manhattan is $965,00 while the median home price in Jersey City is $337,000 and $210,000 in Newark.
What is middle class income in NJ?
The overall average in New Jersey for what is considered to be middle class income for a family of four is between $60,000 and $177,000 a year. According to Rutgers University economist James Hughes, “middle class” can mean many things these days.
What is upper middle class income NJ?
New Jersey households must make at least $39,920 to reach middle class, study finds. (The Center Square) – In New Jersey, households must earn a minimum of $39,920 per year to be considered middle class, with the upper earnings boundary set at $197,868, according to a new 24/7 Wall St. analysis.
Do you pay NYC taxes if you live in NJ?
Do You Need to File Tax Returns in New York and New Jersey? The simple answer is yes. New Jersey residents who work in New York State must file a New York Nonresident Income Tax return (Form IT-203) and a New Jersey Resident Income Tax Return (Form NJ-1040).
What is upper class salary in NJ?
Upper Class Salary in New JerseyAnnual SalaryMonthly PayTop Earners$76,376$6,36475th Percentile$62,533$5,211Average$49,302$4,10825th Percentile$36,278$3,023
Is living in NJ worth it?
Its proximity to two of the countrys largest cities – New York and Philadelphia – makes it an ideal place to live. Our beaches are second to none. And the suburbs which are neatly tucked away from the NJ Turnpike are truly wonderful places. In fact, New Jersey was recently ranked as the best state to raise a family.
Is New Jersey good place to live?
The Garden State came in first place ahead of Massachusetts (second place) and New York (third place). New Jersey ranked in the top 10 for safety, quality of life and education. The state also ranked fourth for lowest crime rates.