New Jersey Living Report — July 23, 2026

New Jersey often struggles against a reputation for high taxes and congestion, but for the nearly 9.25 million people who call it home, the state offers a compelling mix of economic opportunity, suburban comfort, and urban proximity. The Garden State’s median household income of $97,126 per year is one of the highest in the nation, and its unemployment rate remains competitive nationally, reflecting a resilient and diverse job market. Yet the cost of living here demands careful budgeting, especially for newcomers.

Housing is the biggest line item. The state’s median home value sits at $401,400, a figure that varies widely from the more affordable reaches of South Jersey to the premium suburbs of Bergen and Essex counties. For renters, a median one-bedroom apartment costs $1,577 per month. To put that in perspective, that rent represents about 19.5 percent of the median household income—a ratio that is manageable for dual-income families but can be a stretch for singles or early-career workers. The state’s poverty rate of 9.5 percent, while below the national average, underscores that not all residents share in the prosperity.

The job market is the engine driving much of the migration. New Jersey’s economy is anchored by pharmaceuticals, finance, logistics, and technology, with major employers like Johnson & Johnson, Merck, and Prudential headquartered within its borders. The state’s proximity to New York City and Philadelphia also means many residents commute for work, a trade-off that can be offset by high salaries. The median age of 40.0 reflects a population that is neither particularly young nor old, but the state does attract a specific mix of people. Families are drawn to top-ranked public schools and safe

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Data: US Census Bureau ACS 2022, BLS. Updated July 23, 2026.

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