Hoboken, NJ

Very High · 231

New Jersey · Population 58,340 · Updated March 2026

$2,819
Median Rent / Month
$176,943
Median Income
$872,100
Median Home Value
$3,082
Owner Costs / Month

Affordability

How far your income goes in Hoboken

19.1%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

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

$33,828
Annual Rent
$19,021
State Income Tax
$19,448
Property Tax (est.)

Cost of Living Overview

Hoboken has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 231 (where 100 equals the national median), Hoboken residents can expect to pay median rent of $2,819/month while earning a median household income of $176,943/year.

The median home value in Hoboken, NJ is $872,100, with typical monthly owner costs around $3,082 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.1% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

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 Hoboken.

Frequently Asked Questions

Common questions about living costs in Hoboken

What is the cost of living in Hoboken, NJ?
The cost of living index in Hoboken, NJ is 231 (US average = 100). Median monthly rent is $2,819, median household income is $176,943/year, and the median home value is $872,100.
Is Hoboken, NJ affordable?
No, Hoboken is more expensive than the national average with a cost index of 231. The rent-to-income ratio is 19.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hoboken, NJ?
The median gross rent in Hoboken, NJ is $2,819 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $33,828.
What is the median household income in Hoboken?
The median household income in Hoboken, NJ is $176,943 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%.