New Jersey · Population 307,188 · Updated March 2026
How far your income goes in Newark
State-level tax rates that affect your costs
Newark has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 100 (where 100 equals the national median), Newark residents can expect to pay median rent of $1,330/month while earning a median household income of $48,416/year.
The median home value in Newark, NJ is $337,800, with typical monthly owner costs around $1,419 including mortgage, insurance, and taxes. At 33.0% rent-to-income ratio, residents of Newark are spending more than the recommended 30% of income on housing, indicating moderate cost burden.
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 Newark.
Common questions about living costs in Newark
Similar-sized cities to compare
Compare the cost of living in Newark, NJ with 299 other major U.S. cities