State Comparison
New York vs New Jersey
Side-by-side comparison of 16 financial metrics including taxes, housing costs, cost of living, wages, and insurance — powered by verified government data.
Overall Score
Cost of Living
Housing
Taxes
Income & Employment
Business
Insurance & Living
Key Takeaways
- 1
New Jersey leads in 10 of 16 financial metrics, making it the more favorable state overall.
- 2
Housing: Median home prices are $420,000 in New York vs $470,000 in New Jersey — a $50,000 difference.
- 3
Taxes: New York has a 10.9% top income tax rate while New Jersey has a 10.75% top rate. Property tax rates are 1.72% vs 2.23%.
- 4
Cost of Living: New York's index is 123.8 and New Jersey's is 115.2 (national average = 100).
Run the Numbers
Use our free calculators with real New York and New Jersey data to model your specific scenario.
Frequently Asked Questions
Is New York or New Jersey more affordable?
New Jersey has a lower cost of living index (115.2) compared to New York (123.8), where 100 is the national average. However, affordability depends on your specific situation — compare housing, taxes, and income together for a complete picture.
Which state has lower taxes — New York or New Jersey?
Overall, New York has a lower combined tax burden. New York has a 10.9% top income tax, 4% sales tax, and 1.72% property tax. New Jersey has a 10.75% top income tax, 6.625% sales tax, and 2.23% property tax.
What are housing costs in New York vs New Jersey?
The median home price in New York is $420,000 compared to $470,000 in New Jersey. For renters, a 2-bedroom apartment averages $1,640/month in New York vs $1,590/month in New Jersey.
Which state is better for starting a business — New York or New Jersey?
LLC filing costs are $200 in New York vs $125 in New Jersey, with annual fees of $25 and $75 respectively. New York's 10.9% top tax rate compared to New Jersey's 10.75% rate may also factor into your decision.
Should I move from New York to New Jersey?
It depends on your priorities. New Jersey wins in 10 of 16 metrics we compared. Use our free calculators to model your specific financial scenario — including salary, property tax, and cost of living for each state.
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Related Comparisons
Comparing New York and New Jersey
When deciding between living in New York or New Jersey, the financial picture goes beyond just one metric. This comparison analyzes 16 key financial indicators sourced from the U.S. Census Bureau, Tax Foundation, HUD Fair Market Rent data, and Bureau of Labor Statistics to give you a comprehensive overview.
New York (NY) has a median household income of $74,314 with a cost of living index of 123.8. New Jersey (NJ) has a median household income of $89,296 with a cost of living index of 115.2.
These numbers are estimates. Individual circumstances vary based on location within each state, family size, profession, and lifestyle. Use our free New York calculator or New Jersey calculator to model your specific financial scenario.
Data sources: Census Bureau ACS, Tax Foundation, HUD FMR, BLS. Last verified January 2026. Calculators provide estimates only — consult a qualified professional for financial advice.