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New Jersey Yearly Expenses
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Multi-State
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US-175-AZ
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How to fill out Yearly Expenses?
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FAQ
Gov. Phil Murphy's massive $48.9 billion state budget proposal is the biggest in New Jersey history, but some say it doesn't do enough to help the state's most vulnerable populations.
What is a Balanced Budget? The State Budget must be balanced under the New Jersey Constitution, which requires that expenditures never exceed revenues. This ensures the financial stability and integrity of the State.
Taken together, New Jersey generates approximately $40 billion in revenue every year.
Family of four estimated monthly costs are 3,885$ (3,045£) without rent. A single person estimated monthly costs are 1,092$ (856A£) without rent. Cost of living in Jersey is, on average, 21.92% higher than in United States. Rent in Jersey is, on average, 25.43% higher than in United States.
Housing Is Cheaper You can get more house or apartment for a much cheaper price by heading to New Jersey, according to those figures.
New Jersey is a notoriously expensive state to live in. It's home to two of America's wealthiest counties, Hunterdon County and Somerset County, and they're not the only New Jersey locales with high home prices.
New Jersey Housing Costs The typical renter in New Jersey spends $1,295 a month on housing, $272 more than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $1,098, while the typical rent for a unit with five or more bedrooms is $1,920.
New Jersey's greatest source of tax revenue is individual and corporate income taxes, followed closely by various sales taxes. Licenses and property taxes provide smaller portions of revenue.
Murphy released his $48.9 billion state budget proposal, which includes about $20 billion in municipal and school district aid. And some political analysts predict that state lawmakers will pass a final budget that consists of many components of Murphy's proposal by the July 1 deadline.
New Jersey is a notoriously expensive state to live in. It's home to two of America's wealthiest counties, Hunterdon County and Somerset County, and they're not the only New Jersey locales with high home prices.
