BEA Regional Price Parity 2024 · Census ACS 2023
Cost of Living in New Jersey 2026
New Jersey has a Regional Price Parity (RPP) of 108.8 in BEA's 2024 dataset, which means goods and services in New Jersey cost 8.8% more expensive than the US average. The state ranks #4 of 51 for cost of living. Median household income in New Jersey is $101,050 per Census ACS 2023, which translates to $92,873 in US-average purchasing power after adjusting for the local price level.
Key numbers
RPP
108.8
8.8% above US avg
Rank
#4
of 51 for COL
Median Income
$101,050
Census ACS 2023
Adjusted Income
$92,873
In US-avg dollars
Housing costs
Median Rent
$1,653
/ month, gross
Median Home Value
$427,600
Owner-occupied
Homeownership
63.7%
Of occupied units
Housing accounts for the single largest share of cost-of-living variation between states. The RPP figure above already incorporates rent differences alongside other goods and services.
Metro areas in New Jersey by cost of living
| Metro Area | RPP | vs US |
|---|---|---|
| New York | 112.6 | +12.6% |
| Trenton | 103.2 | +3.2% |
| Philadelphia | 102.6 | +2.6% |
| Allentown | 100.0 | -0.0% |
| Atlantic City | 98.9 | -1.1% |
| Vineland | 96.0 | -4.0% |
New Jersey cost of living vs. similar states
| State | RPP | vs US avg |
|---|---|---|
| New York | 107.9 | +7.9% |
| District of Columbia | 109.9 | +9.9% |
| Hawaii | 110.0 | +10.0% |
| Washington | 107.0 | +7.0% |
| California | 110.7 | +10.7% |
| Massachusetts | 105.8 | +5.8% |
Sorted by RPP closeness to New Jersey. For a side-by-side comparison of any two states across 18 demographic and economic metrics, visit the comparison page.
About this data
BEA Regional Price Parities are the federal government's official cost-of-living index, used by the Bureau of Labor Statistics, Bureau of Economic Analysis, and IRS for benefits adjustments. Index value 100 is the US national average, so a state RPP of 110 means goods and services cost 10% more than the US average, and an RPP of 90 means 10% less. Some demographic aggregators use composite indices like MERIC instead of the federal BEA RPP — the two disagree on roughly half the states because they weight rent, groceries, healthcare, and transportation differently. We use the federal index because it is methodologically transparent and standard across federal benefits programs.
For more on how we compare to common alternative aggregators, see Is WorldPopulationReview Accurate? You can verify any RPP figure directly at BEA.gov, or download our full dataset at /data.
Frequently Asked Questions
New Jersey has a Regional Price Parity (RPP) of 108.8 in BEA's 2024 dataset, which means goods and services in New Jersey cost 8.8% more expensive than the US average. The state ranks #4 of 51 for cost of living. Median household income in New Jersey is $101,050 per Census ACS 2023, which translates to $92,873 in US-average purchasing power after adjusting for the local price level.
New Jersey is 8.8% more expensive than the US average, ranking #4 of 51 US states. Higher costs concentrate in housing and transportation. BEA Regional Price Parities are the federal government's official cost-of-living index — used by the Bureau of Labor Statistics, Bureau of Economic Analysis, and IRS for benefits adjustments.
New Jersey's RPP of 108.8 compares to a US national average of 100. A dollar of income in New Jersey buys less than the same dollar would on average across the United States. To convert nominal income to real (cost-of-living-adjusted) purchasing power, multiply by 100 and divide by the state RPP.
New Jersey's median rent is $1,653 per Census ACS 2023. Median home value is $427,600. Homeownership rate is 63.7%. Housing typically accounts for the largest single component of cost-of-living differences across states.
In BEA's 2024 Regional Price Parities release, the highest-RPP metro in New Jersey is New York (RPP 112.6). Metro areas typically vary 5–15 points above and below the state average, with the urban core costing more than smaller cities and rural areas in the same state.
Cost-of-living figures on this page come from the Bureau of Economic Analysis Regional Price Parities (RPP) series, the federal government's official cost-of-living index. Income, rent, and home-value figures come from the US Census Bureau American Community Survey (ACS) 2023 5-Year estimates. Both are public-domain federal data; the RPP vintage is 2024. Last refreshed April 12, 2026.
BEA Regional Price Parities (RPP) measure the price level of an area relative to the US national average (=100). RPP is computed from the same Consumer Price Index inputs the BLS uses, recombined geographically. Income, rent, and home-value figures from US Census ACS 2023 5-Year estimates. Adjusted income = (median income × 100) ÷ state RPP. Last refreshed April 12, 2026.