New Providence, NJ

Very High · 180

New Jersey · Population 13,577 · Updated March 2026

$1,906
Median Rent / Month
$162,877
Median Income
$734,300
Median Home Value
$2,546
Owner Costs / Month

Affordability

How far your income goes in New Providence

14.0%
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

$22,872
Annual Rent
$17,509
State Income Tax
$16,375
Property Tax (est.)

Cost of Living Overview

New Providence has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 180 (where 100 equals the national median), New Providence residents can expect to pay median rent of $1,906/month while earning a median household income of $162,877/year.

The median home value in New Providence, NJ is $734,300, with typical monthly owner costs around $2,546 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.0% 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 New Providence.

Frequently Asked Questions

Common questions about living costs in New Providence

What is the cost of living in New Providence, NJ?
The cost of living index in New Providence, NJ is 180 (US average = 100). Median monthly rent is $1,906, median household income is $162,877/year, and the median home value is $734,300.
Is New Providence, NJ affordable?
No, New Providence is more expensive than the national average with a cost index of 180. The rent-to-income ratio is 14.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New Providence, NJ?
The median gross rent in New Providence, NJ is $1,906 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,872.
What is the median household income in New Providence?
The median household income in New Providence, NJ is $162,877 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%.