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Exploring the Economic Benefits of New Jersey Living vs. NYC

Exploring the Economic Benefits of New Jersey Living vs. NYC

Everyone knows New York City’s underrated neighboring state, New Jersey, as the less-desirable cousin of the dazzling City that Never Sleeps. However, the Garden State boasts a variety of offerings that the Concrete Jungle cannot provide its residents.  

The greatest of these undoubtedly concerns aspects of affordability and comfortable homeownership. Other advantages include cheaper opportunities for dining and entertainment, as well as tax-free shopping and more parking options.

Although many people would bend over backwards for the chance to live in New York City, for the fiscally responsible who are looking for more bang for their buck, New Jersey is the place to be. After all, there’s always the option to live in the Garden State and commute to NYC. However, once you find out about New Jersey’s many economic advantages, your desire to cross the bridge into Manhattan may decrease significantly. Below we’ll take a look at just a few money-saving features of the coastal northeastern state.

Homeownership

First of all, its obvious that you’ll save on monthly rent and mortgage if you live in New Jersey over NYC, but by how much exactly? Well, if you’re looking to rent in the city center, the Big Apple will cost you nearly 20% more than a living space in New Jersey. Both Newark and Jersey City offer significantly cheaper accommodation prices than Manhattan and other areas of the city.

For purchasing a home in or outside of the city, prices increase dramatically between the two areas. NYC homeownership is more than three times higher than the average housing costs in New Jersey. In fact, New York in general contains some of the world’s most expensive real estate, coming in at $710,000 just to purchase a one-bedroom flat located in Manhattan.

On the other hand, apartments in New Jersey’s most affordable neighborhoods often start at as low as $56,000. In summary, the same amount you pay for a closet-sized studio apartment in NYC may get you a nice 2 bedroom New Jersey flat and even a grass area outside! If you’re willing to be located a bit outside of the Garden State’s city areas, some of the best economically sound neighborhoods include Pompton Lakes, Rahway, and Phillipsburg.

Entertainment opportunities

For many people, their desire to live in New York City comes from this idea that there is no other place in the world quite like it. This is especially focused when it comes to opportunities for entertainment, whether that’s seeing a theatre performance, enjoying a pop-up street concert, or visiting a glamorous casino. However, the truth is that New Jersey, namely Atlantic City, is one of America’s biggest hubs for the entertainment industry. In fact, the city has even been dubbed the “Las Vegas of the East” by tourists and residents alike.

Atlantic City is a resort city alongside the Atlantic Ocean which prides itself on its array of amusement parks, glamorous hotels, and especially its casino nightlife. The Garden State is also a huge hot spot for Esports with many calling it the industry’s reigning capital in the 21st century. Even if you’re not one for in-person entertainment, the state was also one of the first in America to legalize online casino gameplay for its residents. This means that, nowadays, the best in New Jersey casino offers bring exciting promotions to users in order to make sure they have the greatest entertainment experience possible, even in a digital environment. The bottom line: there’s something for everyone in the Garden State and, despite what you may have heard, you will never grow bored.

Wide selection of budget-friendly dining

New Jersey is world-renowned for its diners. The state has over 500 “diner-style” establishments that serve a variety of classic American dishes from hamburgers and pancakes to buffalo wings and ribeye steaks. These meals normally run on the cheaper side compared to NYC’s diners and are mostly open 24 hours a day. The dining business is one of the state’s flourishing industries and a great option if you’re looking to start a business of your own.

If you’re dining habits are a bit fancier, it isn’t necessary to throw your budget to the wind. New Jersey also has nice options for a glitzy date night dinner or celebratory birthday lunch. To put it into perspective, eating for two in NYC is nearly double the price of eating for two in New Jersey. And it’s not just restaurants either. If you live in the Big Apple, you’ll have to be more financially conscious when you go on your average grocery shopping trip. Recent stats show an 11.2% price difference between the two states in this category but these can range and the gap can become even wider depending on where you shop.

Tax-free shopping

If you’re a resident of New Jersey you can enjoy tax-free shopping on a variety of products including food items, clothing, shoes, and more. This creates even more wiggle room in your budget as the price you see is often the price you pay at the register. Although there are taxes placed on some products, residents of the Garden State enjoy one of America’s lowest rates at just 6.625%.

Cheaper car parking

Another huge benefit of living in New Jersey is the availability of parking spots compared to NYC. Parking in the Garden State is not only quicker, cheaper, and easier, but also much more secure. The state even offers long-term parking options for reasonable monthly rates. In fact, it’s a common joke that residents of NYC will cross the bridge just because it’s impossible to find a spot in the busy city.

Because of New Jersey’s close proximity to Manhattan, reaching the other side is simple and won’t break the bank. Thousands of people do it every day for work, school, or other reasons. However, if you could live in a city just as picturesque as New York for less than half the cost, why wouldn’t you?



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