New Jersey · Population 135,887 · Updated March 2026
How far your income goes in Elizabeth
State-level tax rates that affect your costs
Elizabeth is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 112 (where 100 equals the national median), Elizabeth residents can expect to pay median rent of $1,463/month while earning a median household income of $63,874/year.
The median home value in Elizabeth, NJ is $393,500, with typical monthly owner costs around $1,543 including mortgage, insurance, and taxes. With a rent-to-income ratio of 27.5%, Elizabeth 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 Elizabeth.
Common questions about living costs in Elizabeth
Similar-sized cities to compare
Compare the cost of living in Elizabeth, NJ with 299 other major U.S. cities