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NYC vs. NJ Suburbs: Is the Price Really Different?
21 Dec
Summary
- New York City's annual cost of living is $91,414.
- Fort Lee, NJ, offers a comparable cost of living and higher livability.
- Some NJ suburbs are cheaper with better livability than NYC.
For many New Yorkers, the idea of moving to the suburbs is unappealing, but a recent analysis reveals the financial difference might be less significant than expected. The annual cost of living in New York City is approximately $91,414. However, top-rated New Jersey suburbs like Fort Lee have a nearly identical cost of living at $92,279, yet boast superior livability scores.
This study, which assessed livability based on factors like crime rates, schools, and healthcare access, found that Fort Lee, Ridgewood, and Highland Park in New Jersey outperformed many affluent suburban areas in New York and Connecticut. While Ridgewood's cost of living is higher at $106,916 due to real estate prices, Highland Park offers a much more affordable option at $67,129 annually, still maintaining an excellent livability score.
These findings suggest that New Jersey suburbs can offer a more cost-effective lifestyle with a better quality of life compared to New York City. City dwellers seeking financial relief might find Highland Park particularly attractive, offering walkability, proximity to Rutgers University, and easy access to amenities, all while being significantly cheaper than the Big Apple.
