New Jersey is a desirable state to reside in due to its proximity to both New York City and Philadelphia, coupled with the tranquility of suburban living. However, this convenience and peacefulness come at a cost, as it is one of the most expensive states in the US. Nevertheless, by conducting thorough research and exploring various options, there are numerous affordable areas to live in within the state. This article will examine some of the cheapest places to live in New Jersey.
10 Cheapest Places to Live in New Jersey in 2023
- Gloucester City
- Toms River
Cheapest Places To Live In New Jersey Comparison
|Rank||Place||Median Rent||Median Home Value|
1. Gloucester City
Gloucester City, situated in Camden County, is the cheapest place to live in New Jersey, with a median home value of just over $125,000 in 2022. This small town, with a population of around 11,500 people, offers a family-friendly environment, and a high concentration of Irish American residents. Additionally, the town’s location is advantageous, directly across the Delaware River from Philadelphia.
Gloucester City is considered affordable in New Jersey, with a median home value of only $125,800 and a median rent just below $1,200. The town provides a close-knit community, numerous public parks, and walking spaces, making it a fantastic option for families and young professionals who work in Philadelphia, located just across the river.
Philipsburg, situated in Warren County, is one of the most affordable places to live in New Jersey, with a median home value of $136,800 and median rent of $968. The town’s location is directly across from Easton, Pennsylvania, and it offers easy access via the Northampton Street Bridge. Philipsburg’s central location, being only 30 minutes away from the Pocono Mountains and halfway between New York and Philadelphia, makes it an attractive option for many. Moreover, the town has a rich historical past.
In the past, Philipsburg was a prominent transportation hub, and the Norfolk Southern Railway still runs through the town to this day. With a median rent of less than $1,000 and a median home value of $136,800, Philipsburg is an attractive option for families who are looking for good value.
Oaklyn, a serene borough in Camden County, New Jersey, is often considered one of the best places to live in the state. With a population of fewer than 5,000 people, Oaklyn is a peaceful suburb located just 20 minutes outside of Philadelphia. The borough offers excellent public schools and a low cost of living, with a median home value of $186,300 and a median rent of less than $1,000. Additionally, Oaklyn boasts a thriving economy with a high employment rate and business growth, making it an ideal location for many.
Absecon is a serene city situated in Atlantic County, New Jersey, on the Absecon Bay outside Atlantic City. This charming small town boasts a tight-knit community and stunning waterfront views.
Residents can enjoy a variety of recreational activities such as fishing and bird watching at the nearby Absecon Wildlife Management Area, which features 3,700 acres of protected marshland. Atlantic City, which is nearby, provides even more excitement and entertainment.
With a median home value of $191,300, a median rent of $1,402, and a median household income of $70,393, Absecon offers an affordable cost of living and a range of attractions that are perfect for families and retirees.
Trenton, the capital of New Jersey and the county seat of Mercer County, offers a low cost of living, with a median home value of just $95,800 and a median rent of $1,026. This makes it one of the cheapest places to live in the state. The city has a rich history and provides easy access to both New York City and Philadelphia.
Despite its affordability, Trenton does have its challenges, such as a high crime rate and limited employment opportunities. It is important for residents to research and choose a safe neighborhood. Nonetheless, Trenton is a great option for young families who prioritize good public schools and ample parks, and who are willing to do their homework to find a suitable living location.
Pitman is a borough in Gloucester County, located about 40 minutes from Philadelphia and Wilmington, Delaware. The town features a charming downtown area with a variety of local shops and restaurants, as well as frequent community events like crafts fairs and outdoor concerts. There are also plenty of parks and golf courses in Pitman, including Alcyon Lake, which offers ample opportunities for outdoor recreation.
With a median home value of $185,600 and a median rent of just over $1,200, Pitman offers affordable living and a great small-town atmosphere for young families and working professionals. The town also boasts a median household income of $75,909, which is higher than the state average, making it a financially stable community.
Clayton is a township located in Gloucester County with a population of slightly over 8,000 residents. It boasts a low crime rate, excellent public schools, and an easy commute to Philadelphia, making it an ideal location for both growing families and young professionals.
Municipal and state parks cover about one-third of the borough, including the Glassboro Wildlife Management area, which spans approximately 2,400 acres of Clayton and surrounding townships. This feature adds to the appeal of the town, providing residents with ample opportunities for outdoor recreation.
One of the most attractive aspects of Clayton is its affordability. The median home value in the area is less than $200,000, and the median rent is just over $1,000, making it an affordable option for New Jersey residents.
Rahway is a city situated in Southern Union County, conveniently located 21.6 miles southwest of Manhattan and just 5 miles west of Staten Island. Known for its suburban ambiance and proximity to urban amenities, Rahway is a popular commuter city for those working in New York.
The Rahway River, which flows into the Hudson River, played a vital role in the city’s development as an industrial and artisanal center. Today, Rahway boasts a thriving arts community that adds to the city’s charm.
While the median home values in Rahway are slightly higher than some of the other cities in the area, it still remains much lower than the statewide average. As one of the most affordable suburbs of New York City, Rahway caters to a diverse population, including families and working professionals.
Hightstown is a charming borough located in Mercer County, Central New Jersey, which is approximately 30 minutes away from Trenton. The borough is renowned for its lively downtown area, which boasts fantastic restaurants, local businesses, and an array of shops.
Families will find Hightstown to be an ideal location as it has great schools, numerous parks, golf courses, and other recreational areas. Additionally, Hightstown is located approximately an hour’s drive from both New York and Philadelphia, providing easy access to more entertainment options.
Homes in Hightstown are affordable, with an average home value of under $300,000 and a median rent of less than $1,500. This makes it a suitable option for those seeking affordable living arrangements in New Jersey.
9. Toms River
Toms River is a Township situated in Ocean County, which is located on the Atlantic Ocean. This town is renowned for being one of the most famous towns in Ocean County, having been featured in popular TV shows like Boardwalk Empire and the Jersey Shore.
The township boasts a vibrant downtown area and unique attractions such as the Insectropolis and the Urban Air Trampoline and Adventure Park. Being a beachfront location, Toms River provides desirable properties at reasonable prices, with median home values under $300,000 and rent just over $1,400.
In summary, Toms River offers a fantastic location with a vibrant atmosphere, making it an ideal spot for those who want to live close to the beach without breaking the bank.
Methodology for Selecting the Cheapest Places to Live in New Jersey
The data used to compile this list was based on the average cost of goods, housing prices, and household income, and the rankings were determined by calculating the ratio of housing costs to median income. It’s essential to note that cities with more expensive housing costs may rank higher on the list due to the presence of more economic opportunities and higher incomes.
Moreover, the list was formulated considering the relative buying power of the average resident, rather than solely focusing on the cost of housing and goods. The cities on this list were selected based on their ability to provide a high standard of living in conjunction with low costs of goods and housing.
In summary, the cities listed offer affordable living while ensuring residents can enjoy a good quality of life.