Cost of Living: New York, NY vs Elizabeth, NJ (2026)

New York

New York
166
VS

Elizabeth

New Jersey
112

New York is 48% more expensive than Elizabeth.

$1,779/mo ↑ 22%
Median Rent
$1,463/mo ↓ 18%
$79,713/yr ↑ 25%
Median Income
$63,874/yr ↓ 20%
$751,700 ↑ 91%
Home Value
$393,500 ↓ 48%
$1,837/mo ↑ 19%
Owner Costs
$1,543/mo ↓ 16%
8,516,202
Population
135,887

Tax Comparison

10.9%
Income Tax
10.75%
4.0%
State Sales Tax
6.625%
1.62%
Property Tax
2.23%

Affordability

26.8%
rent-to-income
Affordability
27.5%
rent-to-income

Detailed Comparison

When comparing New York, NY and Elizabeth, NJ, the overall cost of living indices are 166 and 112 respectively (national median = 100). Rent is $316/month cheaper in Elizabeth, saving renters about $3,792/year.

Median household income is $15,839/year higher in New York. Home values also differ significantly — the median in New York is $751,700 compared to $393,500 in Elizabeth.

New Jersey has a lower income tax rate, making Elizabeth slightly more tax-friendly.

Frequently Asked Questions

New York vs Elizabeth — common questions

Is New York or Elizabeth cheaper to live in?
Based on our cost index, Elizabeth is cheaper to live in with an index of 112 compared to 166 (US average = 100).
What is the rent difference between New York and Elizabeth?
Median rent in New York is $1,779/month and in Elizabeth it's $1,463/month — a difference of $316/month.
Which city has higher income, New York or Elizabeth?
Median household income is $79,713 in New York and $63,874 in Elizabeth. Median household income is $15,839/year higher in New York.
How do taxes compare between New York and New Jersey?
New York has 10.9% income tax, 4.0% sales tax, and 1.62% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to New York or Elizabeth?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Elizabeth has a cost index of 112 with rent of $1,463/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View New York details → View Elizabeth details →

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