Carteret, NJ

Very High · 131

New Jersey · Population 25,187 · Updated March 2026

$2,012
Median Rent / Month
$87,553
Median Income
$370,200
Median Home Value
$1,876
Owner Costs / Month

Affordability

How far your income goes in Carteret

27.6%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in New Jersey

State-level tax rates that affect your costs

10.75%
Income Tax (Top Rate)
6.625%
Sales Tax
2.23%
Property Tax Rate

Estimated Annual Costs

$24,144
Annual Rent
$9,412
State Income Tax
$8,255
Property Tax (est.)

Cost of Living Overview

Carteret has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 131 (where 100 equals the national median), Carteret residents can expect to pay median rent of $2,012/month while earning a median household income of $87,553/year.

The median home value in Carteret, NJ is $370,200, with typical monthly owner costs around $1,876 including mortgage, insurance, and taxes. With a rent-to-income ratio of 27.6%, Carteret falls within the generally affordable range, though it's approaching the 30% burden threshold.

New Jersey's top income tax rate of 10.75% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.625% sales tax rate and 2.23% effective property tax rate, the overall tax environment is a factor in the total cost of living in Carteret.

Frequently Asked Questions

Common questions about living costs in Carteret

What is the cost of living in Carteret, NJ?
The cost of living index in Carteret, NJ is 131 (US average = 100). Median monthly rent is $2,012, median household income is $87,553/year, and the median home value is $370,200.
Is Carteret, NJ affordable?
No, Carteret is more expensive than the national average with a cost index of 131. The rent-to-income ratio is 27.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Carteret, NJ?
The median gross rent in Carteret, NJ is $2,012 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,144.
What is the median household income in Carteret?
The median household income in Carteret, NJ is $87,553 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Jersey?
New Jersey has a top income tax rate of 10.75%, a sales tax of 6.625%, and an effective property tax rate of 2.23%.