Newark, New Jersey has an overall cost of living index of 113.0, which is 13.0 points above the US average of 100 — making it pricier than most American cities. Renters pay a median of $1,330 per month, while the typical home is valued around $337,800. Households earn a median of $48,416 per year, so rent absorbs a relatively high share of local income. Air quality is moderate, with an average AQI of 61. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$48,416
Annual · Census ACS
Median Gross Rent
$1,330
Per month · Census ACS
Median Home Value
$337,800
Census ACS
Cost of Living Index
113.0
BEA RPP · US avg = 100
Studio FMR
$1,612
HUD Fair Market Rent
1BR Fair Market Rent
$1,822
HUD FMR
2BR Fair Market Rent
$2,205
HUD FMR
3BR Fair Market Rent
$2,761
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
Each category is indexed to the US average of 100. Below 100 = cheaper than average.
Overall
113.0
Goods
107.8
Rents / Housing
154.3
Services
119.8
Source: BEA Regional Price Parities (metro-level)
State Income Tax
10.75%
Top marginal rate
State Sales Tax
6.63%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $152,100 |
| 🏥Registered Nurse | $111,210 |
| 📚Elementary Teacher | $96,450 |
| ⚡Electrician | $85,650 |
| 📊Accountant | $119,050 |
Source: BLS OEWS 2023 (metro-level data)
Population
307,188
Latest estimate
Median Age
34.8 yrs
Census ACS
Average AQI
61.0
Source: EPA AirNow
What is the cost of living index for Newark?
Newark has a Regional Price Parity (RPP) index of 113.0. The US national average is 100, so Newark is 13.0 points above the national average.
What is the median rent in Newark?
The median gross rent in Newark is $1,330 per month according to US Census ACS data.
What is the median household income in Newark?
The median household income in Newark is $48,416 per year.
What is the median home value in Newark?
The median home value in Newark is $337,800 based on the latest Census ACS survey.
How is the air quality in Newark?
Newark has an average Air Quality Index (AQI) of 61.0, which is rated "Moderate" by the EPA. Lower AQI values indicate cleaner air.
What are the taxes like in Newark?
New Jersey has a top state income tax rate of 10.75% and a statewide sales tax of 6.63% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology