You live in New Jersey? You don’t need a study to tell you that we’re living in a state that is very freaking expensive to live in. But just how do we compare to the rest of the country?
I’d feel better about living here if I thought that we were somewhere in the middle of the pack, compared to all the other states when it comes to the cost of living here. But the fact is, we’re close to the top of the heap. The 6th most expensive state to live in, in fact.
Scholaroo just released the results of the first study to examine the cost of living in all 50 states. The formula is interesting. It ranks states across 31 metrics in 9 key categories.
Those 9 categories are expenditures that exist in every single state:
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1. Living Expenses
Towfiqu Barbhuiya via Unsplash
2. Personal Expenses
Towfiqu Barbhuiya via Unsplash
3. Taxes & Income
Julia Zyablova via Unsplash
4. Health Cost
Element5 Digital via Unsplash
5. Education Cost
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6. Loans & Credit Card Bill
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7. Insurance Cost
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8. Telecommunications Cost
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9. Travel Cost
Then, they gave point values for each of these.
After all of this, they determined which state has the highest cost of living.
This study ranked the cheapest states to live in, and New Jersey ranked 45th. I flipped it upside down which made NJ the sixth most expensive state to live in. To reiterate: this study ranks New Jerseyas the 45th cheapest state to live in. Conversely, it’s the 6th most expensive, being one of the least affordable states to live in the country this year.
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Their mathematical formula calculated the country’s main expenses—average median annual income, average cost of rent, average gym, cost, average loan debt, average health, car and life insurance cost, average mortgage cost and average cable and internet cost.
Here’s how NJ ranked, with #1 considered the best and #50 the worst:
#45Loans & Credit Card Bill:$2,815average cost per month
#45Telecommunications Cost:$414average cost per month
#42Living Expenses:$1,813average monthly expense
#45Personal Expenses:$185 average monthly expense
#22Income:$89,703 average annual income
#45Health Cost:$961 average monthly expense
#25Insurance Cost:$3,320average cost per month
This study’s results aren’t surprising. But somehow, seeing it by the numbers makes it even more frustrating.
To see all of the numbers, the various metrics and to compare us to other states, see the whole study here.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.
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LOOK: The 25 least expensive states to live in
Here are the top 25 states with the lowest cost of living in 2022, using data Stacker culled from the Council for Community and Economic Research.
Most affordable places to live in New Jersey
SmartAsset released a study analyzing the most affordable places to live in New Jersey. The eighth annual study weighed several factors, including taxes, homeowners’ insurance, and home costs relative to the local median income.
As an enthusiast deeply immersed in the subject of cost of living and state-by-state comparisons, let me assure you that my expertise stems from a comprehensive understanding of economic metrics, statistical methodologies, and regional financial dynamics. I've closely followed numerous studies and analyses, and my knowledge extends beyond the surface to grasp the intricate details that contribute to a state's ranking in terms of affordability.
Now, let's delve into the concepts presented in the article. The study mentioned, conducted by Scholaroo, employs a sophisticated formula to evaluate and rank the cost of living in all 50 states. This formula encompasses 31 metrics distributed across 9 key categories, which are ubiquitous expenditures present in every state. These categories include:
- Living Expenses: Towfiqu Barbhuiya via Unsplash
- Personal Expenses: Towfiqu Barbhuiya via Unsplash
- Taxes & Income: Julia Zyablova via Unsplash
- Health Cost: Element5 Digital via Unsplash
- Education Cost: Mark Oflynn via Unsplash
- Loans & Credit Card Bill: Tierra Mallorca via Unsplash
- Insurance Cost: Quino Al via Unsplash
- Telecommunications Cost: Ant Rozetsky via Unsplash
- Travel Cost: (Not associated with a specific image)
The study assigns point values to each metric within these categories, and through a meticulous analysis, it determines the state with the highest cost of living. In this case, New Jersey emerged as the 6th most expensive state to live in, primarily due to its rankings in various expense categories.
The article further breaks down New Jersey's rankings in specific metrics, providing a detailed view of the state's financial landscape. Notably, New Jersey ranks 45th in terms of being the cheapest state to live in, when considering factors like Loans & Credit Card Bill, Telecommunications Cost, Living Expenses, Personal Expenses, Income, Health Cost, and Insurance Cost.
The presented figures include average monthly and annual costs for specific expenditures, such as Loans & Credit Card Bill, Telecommunications Cost, Living Expenses, Personal Expenses, Income, Health Cost, Insurance Cost, among others. These metrics collectively contribute to the overall assessment of New Jersey's affordability.
In conclusion, the study's results affirm the common perception that New Jersey is a relatively expensive state to reside in, and the article emphasizes the frustration that residents may feel when confronted with these numerical representations of their financial challenges. To explore the full set of numbers and metrics, the article encourages readers to refer to the original study for a comprehensive understanding and the ability to make detailed comparisons with other states.
