New Jersey vs New York Cost of Living in 2020

Are you planning on relocating in 2020? When thinking of moving, it is very important to conduct a bit of research prior. Evaluating locations, expenses and overall cost of living is helpful in helping you make final relocation decisions. Moreover, if you happen to be comparing New Jersey versus New York, welcome to the right place. Throughout the rest of the text, we will highlight the two cities and compare New Jersey vs New York cost of living in 2020. Hopefully, by the end, you will have a better idea of where you prefer to move to and where you see yourself living in.

Moving 101

Although you might already be familiar with the basics of moving, let’s review! Relocating to a different location definitely requires a bit of planning. We recommend starting months ahead so that you provide yourself with a comfortable timeline to complete everything. In order for this relocation to be successful, it’s important that your research is thorough. Look into specific locations you are thinking of moving to, focus on your budget, and look into the average cost of living in 2020 for each place. It’s important that you have these types of numbers prior to moving as it will help you narrow down your options.

An illustration of a hand hodling a light bulb and coming out of a cardboard box.
Deciding where to move to is a big decision. Use a moving plan as a guide and keep yourself organized.

A moving plan is always a helpful tool when relocating from point A to point B. Whether you are moving to New Jersey or settling down in the state of New York, use your moving plan as a guide and checklist for a successful relocation. This way you can ensure that you are considering your research on both places while maintaining organization throughout the process. The clearer the vision, the easier the moving process. 

New Jersey

The cost of living in 2020 in New Jersey is a little bit above the country’s average. For example, on average renting an apartment in New Jersey nowadays will cost a little under $1100, which comes to almost $300 over the national average rent prices. Moreover, average home prices, depending on the exact location, will vary anywhere from mid $300 000 to $800 000.

The real estate market is relatively expensive and the taxes are also high. It could be due to the fact that it is close to New York, however, in the meantime New Jersey has a very good economy and a very good school system overall.

Furthermore, and on the good side as well, certain monthly expenses tend to be below the country’s average numbers. For example, the monthly energy bill averages around $100, while the country’s national average goes up as high as $112.

New York

If you thought that New Jersey is expensive, New York’s cost of living in 2020 might even be pricier. Of course, prices will vary depending on the exact location, however, they are still well above the national average. Renting a place in New York varies as it begins around $1500 and goes up as high as $3500. Once again, you can definitely expect more expensive and higher rates depending on the neighborhood.

AN illustration of The  Statue of Liberty.
Considering New York’s popularity, it’s expected to have higher prices. Meanwhile, as housing might be pricier, monthly utility expenses tend to be below the national average.

Meanwhile, if you decide to purchase a home, then the price range you are looking at depending on the location is from $400 000 to 1 million. The one beneficial factor, however, is that although the cost of living in 2020 in New York seems super expensive, the city housing market has rates of strong appreciation. Therefore, the home you buy today has a very good chance of growing in value years down the road. The more value, the bigger the profit.

Also, when it comes to monthly utility expenses, it ranges around the same level as New Jersey. You can expect monthly bills to possibly be a little under the country’s average.

Cost of Living in 2020

When it comes to the cost of living in 2020, it truly depends on the location and your monthly expenses. It also depends on factors such as which neighborhood you’d like to move to, whether you are looking for a house or an apartment, and whether you are renting or buying.

cost of living in 2020
The cost of living takes into consideration multiple factors. Ensure to do proper research to have a simpler decision-making process.

This is exactly why it’s important to have a moving plan. Perhaps even make two moving plans. One plan for New York and another for New Jersey. Within these plans, jot down all the numbers you gather about daily and monthly expenses, set an appropriate budget, construct a solid timeline, and then compare. Having things written down might give you a better visual and a sense of what fits your vision better.

It’s important to consider all the steps for moving. How will you be moving? Will you hire a moving company? By researching elements as such, you can even find a good fit to transport your vehicle without any troubles. Overall, it’s important to consider things ahead of time. 

Decision Time

In the end, it comes down to numbers and what you can afford at the moment. If you are able to meet the expenses of either place while feeling comfortable, then you will have your answer. Whichever place you do choose, start packing on time, and organize the transfer of your belongings prior to the moving day. Look into, and get your quotes of moving. It’s beneficial to book a move ahead so that at least you don’t have to worry about that as you complete the rest of the moving tasks. 

New York vs New Jersey

Either or, you cannot necessarily go wrong with your decision. The cost of living in 2020 seems to be pretty similar in both, although New York tends to be a little more expensive considering the real estate market. If anything, it might even be a good idea to get in touch with a professional real estate agent who could help you narrow down your options. A local agent will have the insight that could eventually help you.

All in all, stay focused, do a bit of research, compare your results to your budget, and before you know it, you’ll be moving.

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