New Jersey S True Cost Of Living Can You Afford It Y If you are thinking about a move to new jersey, you will need to understand all the costs associated with living here. new jersey is not a cheap place to liv. According to the living wage calculator, the living hourly wage for someone living in bergen county with no children is $24.87 per hour. two working adults with one child should both be making $25.
Cost Of Living Prices In New Jersey 111 Cities Compared The federal minimum wage is $7.25 per hour while new jersey's state law sets the minimum wage rate at $15.13 per hour in 2024. demands for a living wage that is fair to workers have resulted in numerous location based changes to minimum wage levels. view future changes in the minimum wage in your location by visiting minimum wage values in new. Living wage calculation for new jersey. the living wage shown is the hourly rate that an individual in a household must earn to support themselves and or their family, working full time, or 2080 hours per year. the tables below provide living wage estimates for individuals and households with one or two working adults and zero to three children. Since the average statewide rent is $2,414, you’d need to make $8,046 per month to fit the 30 percent rule. that comes out to $96,552 per year. at $85,245, the median household income in new jersey falls short of that figure. this could mean that some households pay more for housing than the recommended 30 percent. In other words, if your cost of living is currently $25k a year (food, housing, clothes, fuel, etc) and your income is $30k yr (for example), and you get a 50% wage increase and suddenly you're making $45k yr, but the price of everything has increased 5%, it's now only $26.25k yr. ie you had $5000 yr in disposable income before, but now you.
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