8 Reasons why New Jersey is so expensive (Plus Things it’s known for)

Are you wondering why NJ is so expensive? Worry no more! This article explores the very reasons why New Jersey is so expensive to live in. To start with, New Jersey is renowned for being an expensive place to live, and there are a number of different factors that contribute to its high costs as discussed in this article. For those who have recently moved to New Jersey or plan on doing so, it is important to understand why the cost of living is so high. Let’s dive in!

Reasons why New Jersey is expensive

1. High Taxes

New Jersey State has some of the highest property tax and sales tax rates in America; it has an average property tax rate that’s almost double that of other states in the country. On top of this, NJ also imposes a hefty estate tax as well as numerous corporate taxes. All these add up and make living in New Jersey more costly than in other states across America.

2. Limited Affordable Housing

Home prices and rents in New Jersey are some of the highest in the country, with an average home price hovering around $400,000. In fact, renting a home or apartment can be so expensive that many residents find themselves priced out of areas like Hoboken or Newark – two popular cities for young professionals.

3. High Gas Prices

Gas prices are another main reasons why New Jersey can be so costly. The state has some of the highest gas taxes in the nation. According to USA Today, “gasoline taxes in New Jersey totaled 41.4 cents per gallon as of July 2022” which is three times higher than other states like Texas and. This means residents are paying more for their fuel needs on a daily basis than people from other states.

4. Unaffordable Healthcare Cost

Healthcare costs in New Jersey are some of the highest in the nation. The state’s health insurance premiums are among the most expensive. Additionally, hospital visits can be costly due to high prices for doctor and specialist visits as well as medications. This is compounded by a lack of competition among healthcare providers which drives up costs for consumers even further.

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5. High Transport cost

The cost of transport within the state can quickly add up, particularly for those who commute for work or leisure activities. Public transport, such as buses and trains, are considered among some of the most expensive due to their lack of competition from other services. For example, NJ Transit commuters pay some of the highest fares in America; many commuters have reported spending hundreds on weekly tickets alone.

6. High Grocery cost

When it comes to groceries, New Jersey residents can expect to pay around 11% more than the national average for their food items. Produce and dairy products tend to be particularly pricey; with many shoppers paying up to 40% more than what someone would pay for them elsewhere. Taxes also play an important role in driving up grocery costs within New Jersey, with some counties adding additional taxes on top of regular state sales tax.

7. High Electricity bill

Electricity prices in New Jersey are among the highest in the United States because of its dependence on natural gas and petroleum-based sources to generate power. The state also doesn’t have many renewable energy options, meaning that utilities must buy these nonrenewable fuels at market rate to produce electricity; this cost gets passed onto consumers through their monthly power bills.

Furthermore, since natural gas prices have remained high over recent years, energy costs for residents continue to increase each year as well.

8. Expensive School fees

School fees vary depending on the district but they are usually quite high due to the variety of programs available and extracurricular activities offered at each school. Not only do parents have to pay for their children’s tuition, but also for necessary items such as books, supplies, and other materials needed throughout the year.

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Famous things New Jersey is known for

a) Princeton University

Photo credit: Princeton University

Princeton University is a private Ivy League research university with a long and impressive history. Founded in 1746 as the College of New Jersey, it was originally established to train ministers. Over time it has grown into an institution that ranks highly among all universities worldwide.

Princeton’s notable alumni include former United States president Woodrow Wilson; Michelle Obama; Amazon founder Jeff Bezos; legendary novelist F. Scott Fitzgerald; Nobel Prize winners Toni Morrison & John Nash.

b) Asbury Park

Photo credit: New Jersey Leisure guide

Asbury Park is a bustling beachfront town located on the Jersey Shore, and it’s known for its eclectic mix of culture, music, and entertainment. This town has been featured in books, movies and television shows as a place with something for everyone. This seaside resort town has also been drawing visitors since 1870 when it was first established by James A.

Bradley as “the greatest pleasure resort in the world”. Asbury Park is especially renowned for its boardwalk lined with classic Victorian-style buildings and amusement rides to please guests of all ages. The boardwalk also features an array of eateries ranging from traditional diner food to delicious seafood dishes.

c) Sandy Hook

Photo credit: Getty images

Sandy Hook was established as part of the National Park Service in 1972. The area consists of seven miles of sandy beach and offers plenty of activities such as swimming, surfing, bird watching, kayaking, camping and hiking trails. It’s also known for its historic lighthouses which have been guiding ships since 1764. Sandy Hook has become a popular spot for visitors over the years who come to enjoy all that nature has to offer here in New Jersey.

d) Wildwood National Wildlife Refuge

Photo credit: Yelp

Wildwood National Wildlife Refuge is a 3,000-acre preserve in Cape May County located on the Delaware Bay estuary. This refuge protects critical habitats for migratory birds and other wildlife species. It also provides educational opportunities to visitors about conservation efforts and offers recreational activities such as fishing, hunting, bird watching and kayaking.

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In conclusion, New Jersey is an expensive place to live for many reasons. From the high cost of housing, and taxes to the high price of gas and goods, living in New Jersey can be quite costly. While these expenses may seem daunting at first, there are ways to save money in New Jersey. By shopping around for insurance, and looking into tax relief programs, you can make your dollar stretch further while staying in New Jersey.