New Jersey has some of the highest taxes and home prices in the nation, but it also offers some of the best schools and a strong economy. These factors, along with a low unemployment rate, make the state one of the most desirable locations for residents to live. When deciding whether to move to a new state, it’s important to consider all aspects of life there. This includes housing costs, taxes, salaries, and other expenses. This article will provide an overview of these five factors to help you decide if new jersey is the right choice for your family.
New jersey is a northeastern United States state with 130 miles of Atlantic coast and a large population. It borders the densely populated cities of New York and Philadelphia and is part of the Northeast Megalopolis, a region that encompasses Boston, Hartford, and Providence.
The state was the first to ratify the Bill of Rights, the most important constitutional guarantee for individual freedom in the US. It is also home to many famous monuments and landmarks, including the Statue of Liberty and the Liberty State Park.
In addition to its renowned beaches, the state is known for the Jersey Shore, an area of coastal towns and cities with boardwalks, arcades, rock and roll clubs, and water and amusement parks. Its proximity to major metropolitan areas like New York and Philadelphia drives up demand for homes there. As a result, the average home value in new jersey is significantly higher than the national median.
Health care is a significant expense for families in new jersey. The annual cost for a single adult in the state is $4,273, and that number increases to $12,319 for a family of four. The high costs are partly due to the fact that the state has some of the highest health insurance premiums in the country.
Transportation and warehousing is another key industry in the state, employing around 5% of workers statewide. It is the second-largest industry for private sector jobs in New Jersey, and it contributes billions to the economy each year. Other important industries include finance, energy, construction, and technology.
Aside from high property taxes, New Jersey has some of the most expensive utilities in the US. The average household spends $1,295 per month on utilities, more than the national average of $1,023. The high electricity costs are mainly due to the state’s heavy use of coal, which is in short supply and subject to price fluctuations.
Real estate is expensive in the state, but it can be less costly than in New York City, where prices are skyrocketing. The scarcity of homes in the state has made it a seller’s market, and homes listed on MLS sell for 17.5% more than those not on MLS. For this reason, it’s important to work with a top real estate agent who can help you find the most competitive prices in your neighborhood. New Jersey’s busiest months for selling homes are June and July, but you can still sell your house successfully outside of these peak periods.