Living here
Cost of living in Newark
Housing is close to the US average. Rents, home prices, taxes and how far a paycheck goes.
Median rent
$1,330/mo
1% below US
Median home value
$337,800
11% above US
Median household income
$48,416
38% below US
Rent as share of income
33%
US 21%
Home price to income
7.0×
US 3.9×
Sales tax
6.625%
Rent by number of bedrooms
HUD 2027 fair market rents for Newark, NJ HUD Metro FMR Area (gross rent including utilities, near the 40th percentile of local rents). Source: HUD USER.
How Newark compares
- Newark$1,330
- New Jersey$1,653
- United States$1,348
- Jersey City$1,902
- Edison$1,885
- Princeton$2,448
- Atlantic City$1,084
- Newark$337,800
- New Jersey$427,600
- United States$303,400
- Jersey City$534,500
- Edison$481,700
- Princeton$1,040,400
- Atlantic City$189,600
Taxes
Compare with nearby cities
Life in Newark
Questions
Is Newark expensive to live in?
Housing in Newark is close to the national average: median rent is $1,330 (1% below US) and the median home value is $337,800 (11% above US).
How much is rent in Newark?
The median gross rent is $1,330 a month. HUD’s 2027 fair market rents for the area are studio $1,637, 1 bedroom $1,850, 2 bedrooms $2,233, 3 bedrooms $2,785, 4 bedrooms $3,188.
How much of their income do renters spend in Newark?
At the median, a year’s rent ($15,960) equals about 33% of the median household income ($48,416); nationally it’s about 21%.
What are taxes like in Newark?
Sales tax is 6.625% and property taxes run about 2.12% of home value a year.
Sources: U.S. Census Bureau, American Community Survey 2019–2023 5-year estimates; HUD fair market rents; NJ Division of Taxation, Sales and Use Tax page (last updated 11/04/2026): 6.625% statewide rate.