This is how much a single person in NJ needs to earn to get by

I’ll tell you right off the bat that I think this number is low. Really low.

GoBankingRates crunched the numbers to come up with the living wage for a single person in all 50 states.

The researchers used the 2021 Consumer Expenditure Survey data (the latest available) for a single person from the Bureau of Labor Statistics to calculate the annual cost of necessities based on data from the Missouri Economic Research and Information Center’s 2023 Q1 Cost of Living Data Series.

I think New Jersey’s number is low, not just for the amount, but for our ranking.

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What you need to earn to get by in New Jersey

According to GoBankingRates, a single person in New Jersey needs to earn $64,463, placing us 10th highest in the country. Does anybody truly believe that there are 9 states more expensive to live than here?

Hawaii is #1 (by a lot) at $112, 411; the other states in front of us are the usual suspects: Massachusetts (#2) at $87,909 and New York (#3) at $80,013.

Then come Alaska, Maryland, Vermont, Oregon, and Washington.

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The cost of living in New Jersey

According to the Council for Community and Economic Research, the cost of living in New Jersey is 13% higher than the national average.

The cost of housing is one of the biggest factors that contributes to the high cost of living in New Jersey. The median home value is $467,000, which is significantly higher than the national median home value of $375,300.

Rent prices in New Jersey are also higher than the national average. The median rent for a one-bedroom apartment in New Jersey is $1,600, while the median rent for a two-bedroom apartment is $2,100.

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.

Gallery Credit: Meagan Drillinger

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.

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Categories: Ultimate New Jersey