How Much Does It Cost to Live in Newark, New Jersey?

Newark is a medium city located in New Jersey with a metropolitan area population of 277,727. A couple could live a moderate lifestyle in Newark on a budget of $4,608 per month, or $55,302 per year.

Cost of Living in Newark, New Jersey

As noted above, the cost of living in Newark, New Jersey is $4,608 per month for a couple living a moderate lifestyle. This budget consists of $3,173 for housing related costs, $679 for food, and $757 for other costs, all of which will be broken down below.

Housing

  • A one-bedroom apartment in the city center of Newark is estimated to cost $2,658
  • Basic utilities including electricity, water, and gas will run about $408
  • High-speed internet averages $107

Food

  • Typical grocery costs of $481 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
  • Alcohol including beer and wine for moderate home consumption costs about $110
  • Frequent coffees in a neighborhood café are estimated to be about $88

Other

  • Meals out are estimated to be $414 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
  • Transportation costs of $194 for public transport passes and occasional taxis
  • Fitness center memberships of $82
  • Cinema tickets of $68 include several outings for international releases

Note that Newark, New Jersey is a very walkable city with a Walk Score of 94/100, which means you won’t need a car if you are living in the city center and you may even save some money by not using public transportation and taxis very often.

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Amount of Money Needed to Retire in Newark, New Jersey

Many people searching the internet for the cost of living in Newark, New Jersey are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.

The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,382,544 to live a moderate lifestyle in Newark, New Jersey.

Annual expenses of $55,302 ÷ 4% = $1,382,544 portfolio needed.

Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.

Summary

Overall, the cost of living in Newark, New Jersey is affordable coming in at $4,608 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,382,544.

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