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

New York

New York
166
VS

Newark

New Jersey
100

New York is 66% more expensive than Newark.

$1,779/mo ↑ 34%
Median Rent
$1,330/mo ↓ 25%
$79,713/yr ↑ 65%
Median Income
$48,416/yr ↓ 39%
$751,700 ↑ 123%
Home Value
$337,800 ↓ 55%
$1,837/mo ↑ 29%
Owner Costs
$1,419/mo ↓ 23%
8,516,202
Population
307,188

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
33.0%
rent-to-income

Detailed Comparison

When comparing New York, NY and Newark, NJ, the overall cost of living indices are 166 and 100 respectively (national median = 100). Rent is $449/month cheaper in Newark, saving renters about $5,388/year.

Median household income is $31,297/year higher in New York. Home values also differ significantly — the median in New York is $751,700 compared to $337,800 in Newark.

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

Frequently Asked Questions

New York vs Newark — common questions

Is New York or Newark cheaper to live in?
Based on our cost index, Newark is cheaper to live in with an index of 100 compared to 166 (US average = 100).
What is the rent difference between New York and Newark?
Median rent in New York is $1,779/month and in Newark it's $1,330/month — a difference of $449/month.
Which city has higher income, New York or Newark?
Median household income is $79,713 in New York and $48,416 in Newark. Median household income is $31,297/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 Newark?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Newark has a cost index of 100 with rent of $1,330/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View New York details → View Newark details →

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