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

New York

New York
166
VS

Jersey

New Jersey
148

New York is 18% more expensive than Jersey.

$1,779/mo ↓ 6%
Median Rent
$1,902/mo ↑ 7%
$79,713/yr ↓ 16%
Median Income
$94,813/yr ↑ 19%
$751,700 ↑ 41%
Home Value
$534,500 ↓ 29%
$1,837/mo ↓ 8%
Owner Costs
$2,006/mo ↑ 9%
8,516,202
Population
289,691

Tax Comparison

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

Affordability

26.8%
rent-to-income
Affordability
24.1%
rent-to-income

Detailed Comparison

When comparing New York, NY and Jersey, NJ, the overall cost of living indices are 166 and 148 respectively (national median = 100). Rent is $123/month cheaper in New York, saving renters about $1,476/year.

Median household income is $15,100/year higher in Jersey. Home values also differ significantly — the median in New York is $751,700 compared to $534,500 in Jersey.

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

Frequently Asked Questions

New York vs Jersey — common questions

Is New York or Jersey cheaper to live in?
Based on our cost index, Jersey is cheaper to live in with an index of 148 compared to 166 (US average = 100).
What is the rent difference between New York and Jersey?
Median rent in New York is $1,779/month and in Jersey it's $1,902/month — a difference of $123/month.
Which city has higher income, New York or Jersey?
Median household income is $79,713 in New York and $94,813 in Jersey. Median household income is $15,100/year higher in Jersey.
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 Jersey?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Jersey has a cost index of 148 with rent of $1,902/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View New York details → View Jersey details →