13 Cheapest Places to Live In New Jersey (NJ)

New Jersey, also known as Garden State, is the eleventh most populous state in the US. It is also one of the wealthiest states in America. However, despite being a densely populated state with many major cities and towns, it also has pockets of rural areas. 

This makes it ideal for those who like to live in an area that still feels like home. If you’re looking for somewhere affordable to live and somewhere close enough to commute to NYC or Philadelphia every day. Then this article will help you find the cheapest places to live in New Jersey.

Criteria for Selecting the Cheapest Places to Live in New Jersey

To determine the cheapest places to live in New Jersey, we compared the median household income ratio, median home value, median rent, and cost of living across the state.

Median Rent

Median rent is one of the criteria for selecting the cheapest states to buy a house. Median rent is a good indicator of the cost of living in an area. A high average rent means that most people are paying more than you would like, while a low median rent implies that most people are paying less than you would like. 

Median Home Price

Median home value is one standard for selecting the cheapest places to live in NJ. The median home price refers to the median value of all homes in a given area. In other words, it is the price at which half of all homes sold for more and half for less than this figure. 

This property figure can indicate how expensive or cheap real estate is in a particular region and whether it has risen or fallen over time. Median home values are essential in determining which states are best for a first time home buyer in New Jersey who wants to purchase their first property but is on a limited budget. 

Generally, areas with a lower median price tend to have better deals on houses and condos than those with higher ones. This is because they offer more affordable housing costs without sacrificing quality (for example, having good schools).

Median Household Income or Median Income

One of the most important criteria for selecting the cheapest places to live in New Jersey is median household income. The median household income ratio is the total income earned by the middle segment of all households in a given area or state. In other words, it’s the point at which half of all households earn more than this amount and half earn less.

In New Jersey, you’ll want to target areas with a median household income below $80,000 per year. This will help ensure you can afford a home without paying too much monthly for mortgage payments or rent expenses.

Cost of Living

The cost of living is a benchmark for selecting the cheapest places to live in New Jersey. Cost of living measures the cost of goods and services in a given area. The data is collected from public and private sector sources, then analyzed to produce estimates about local costs for consumers, employees, businesses, and governments.

It measures what you can buy with your money where you live. Suppose you want to move somewhere with a lower cost of living but don’t care much about other factors like quality of life or job prospects. In that case, several cities on this list will help you stretch your dollar further than it would go back home.

13 Most Affordable Places to Live in New Jersey (NJ)

New Jersey has a lot to offer: beaches, boardwalks, and all-you-can-eat buffets. But it also has some of the most expensive places to live in America. If you’re looking for a cheaper place to call home, you’re in luck. Here are the cheapest places to live in New Jersey:

1. Toms River, New Jersey

The town of Toms River is one of the cheapest places to live in NJ, offering all the perks of ocean-side affordable living for a fraction of what you’d pay elsewhere. Its location is prime for this reason; it’s right on the Atlantic Ocean, and its sandy beaches are top-rated among visitors and locals.

Residents of Toms River enjoy easy access to restaurants, shops, and other amenities downtown, where they can meet up with friends or family while enjoying the fresh air. The downtown area of Toms River also features unique attractions like Insectropolis and the Urban Air Trampoline & Adventure Park.

• Median Rent: $1,454
• Median Home Price: $298, 800
• Median Household Income: $79, 193
• Cost of Living: 105.8

2. Hightstown, New Jersey

Hightstown is a suburb of Trenton, New Jersey’s capital and largest city. Hightstown is located in Mercer County, about 30 minutes outside of Trenton. It has been described as the perfect small town by residents because it offers all the benefits of living in a city without any disadvantages (e.g., crime).

The town boasts a bustling downtown area with great restaurants, shops, and local businesses. In addition to these amenities are the easy access to parks, farms, and other outdoor recreation that make this area so desirable for families looking for an affordable place to live near urban centers like New York City or Philadelphia without sacrificing good schools or safety.

• Median Rent: $1,372
• Median Home Value: $284,400
• Median Income: $86,291
• Cost of Living: 105.0

3. Newark, New Jersey

Newark is one of the cheapest places to live in NJ. While it may not be the most glamorous city, it’s a great place to make your home if you’re looking for a place that won’t break the bank.

In Newark, you will often find a one bedroom apartment and house for rent. So whether you’re looking for something small and cozy or a large mansion with all the amenities, you’re sure to find something that fits your needs and budget. In addition to being affordable, Newark has plenty of local businesses and restaurants where you can get everything from groceries to entertainment.

• Median Rent: $1,116
• Median Home Price: $254,900
• Median Income: $37,476
• Cost of Living: 119.5

4. Rahway, New Jersey

If you’re looking for a place to live in New Jersey on the cheap, Rahway is a great option. It’s one of the cheapest places to live in New Jersey and is just 5 miles west of Staten Island.

Rahway is known for its restaurants, bars, and historical landmarks like the Terrill Tavern (built 1735). Its location on the Rahway River makes it an attractive spot for fishing enthusiasts.

And while average home value is slightly higher than some of the other cities on this list, they’re still much lower than NJ’s statewide average.

• Average Rent: $1,271
• Median Home Value: $276,500
• Median Household Income: $77,393
• Cost of Living: 118.1

 

5. Absecon, New Jersey

Absecon is one of the cheapest places to live in New Jersey. It’s also one of the most beautiful, with beaches and restaurants galore. The reason it’s so cheap? It’s not a tourist destination, so it doesn’t get the same kind of traffic or investment that other towns do. That means you can get a fantastic house for a fraction of what it would cost elsewhere and have your own slice of paradise all to yourself.

Absecon is also a great place to live if you’re looking for a quick commute. It’s only 30 minutes from Philadelphia and New York City, so you can take advantage of all those big-city amenities without paying big-city prices.

• Median Rent: $1,471
• Median Home Value: $192,900
• Median Household Income: $69,293
• Cost of Living: 88.0

6. Clayton, New Jersey

Clayton is one of the cheapest places to live in New Jersey. Located in Gloucester County, it is a borough that offers everything from scenic small town living to urban attractions.

The location makes Clayton the perfect place for growing families and young professionals looking for nice areas with affordable housing prices.

This close knit community has many attractions, including wineries, golf clubs, and even a virtual reality arcade. There’s also an escape room venue where groups of friends can test their wits against puzzles before heading out on an adventure at Skydive Philadelphia.

• Median Rent: $963
• Median Home Price: $208,100
• Median Income: $92,824
• Cost of Living: 94.5

7. Pompton Lakes, New Jersey

Pompton Lakes is one of the cheapest places to live in NJ, and it’s an excellent option for those who want to be close to New York City without paying NYC prices. The small town is in Passaic County, north of New York City and east of Paterson. 

It has a cute main street lined with shops and restaurants and a community theater that hosts various events throughout the year. There is also outdoor recreation if you want some fresh air but aren’t ready for backwoods camping just yet. You can also enjoy a basketball, tennis, or soccer game nearby Hershfield Park, which has three different fields for different sports.

• Average Rent: $1,451
• Median Home Value: $324,700
• Median Household Income: $98,348
• Cost of Living: 119.2

8. Trenton Along Delaware River, New Jersey

If you want to live in a big city but don’t have the money, Trenton is the place for you. Known as the capital of New Jersey, this city offers a vibrant downtown housed along the Delaware River that lies on the border of Philadelphia and New York City. 

This cheapest place to live in New Jersey purposely lies on this border to benefit both cities’ resources and economies. It’s far cheaper to live here than in either principal metro area. This is especially true if you live close enough to public transportation like buses or trains that take commuters into those larger cities when they need access.

• Median Rent: $1,085
• Median Home Value: $97,000
• Median Income: $37,002
• Cost of Living: 80.2

 

9. Atlantic City, New Jersey

Atlantic City is the cheapest place to live in New Jersey. It has all the charm of a big city but without all the high prices associated with living in one. This lively Atlantic City on the boardwalk has beautiful ocean views and accessible beaches that evoke images of relaxing by the Jersey shore.

Additionally, Atlantic City is great for raising a family or retiring. Its weather is mild even during winter. Summers are pleasant, with temperatures averaging between 70 and 80 degrees Fahrenheit, which makes it easy to enjoy all aspects of life outdoors year round.

• Median Rent: $927
• Median Home Value: $150,000
• Median Household Income: $29,526
• Cost of Living: 78.3

10. Oaklyn, New Jersey

If you’re looking for an affordable place to live in New Jersey and don’t mind a small town with a tight knit community, Oaklyn is the right choice. This small Camden County suburb is just two miles from the Delaware River. This allowed it to maintain its affordable cost of living despite being so close to Philadelphia. 

Oaklyn has an excellent school system and many recreational activities and events for residents. The library here is also worth mentioning because it offers programs that help children learn how to read at home and even provides free computer skills classes for adults.

• Average Rent: $1,428
• Median Home Value: $186,300
• Median Household Income: $72,879
• Cost of Living: 92.8

11. Phillipsburg, New Jersey

The small town of Phillipsburg is located on a hill in Warren County, just across from Easton, Pennsylvania border. The Delaware River runs along the border of both cities and can be accessed via the Northampton Street Bridge.

Phillipsburg offers a central location for those who want to live in New Jersey and be close to Philadelphia or New York City without paying big city prices. The town also has a historical past as a transportation hub. In fact, the Norfolk Southern Railway still runs through Phillipsburg today.

• Median Rent: $971
• Median Home Value: $144,200
• Median Household Income: $54,583
• Cost of Living: 84.6

12. Bellmawr, New Jersey

If you’re looking for a place to settle down and start a family, Bellmawr might be just what you’re looking for. With its low cost of living, affordable homes, and excellent schools, this town is perfect for anyone looking for a cheap place to raise their kids.

Bellmawr’s population has grown steadily over the years as more people are attracted by its low cost of living and affordable housing prices. 

• Median Rent: $977
• Median Home Value: $169,400
• Median Household Income: $60,041
• Cost of Living: 88.0

13. Gloucester City, New Jersey

Gloucester City is one of the cheapest places to live in New Jersey. Gloucester City is a small town located on the Delaware Stream with only about 11,000 people. Gloucester City has good public schools and an abundance of parks and playgrounds. 

Also, Gloucester City offers excellent housing costs for families who want to raise children here. Gloucester City is located in Camden County, once known for its manufacturing industries. In addition, Gloucester City has many beautiful waterfront communities and exclusive residential neighborhoods.

• Median Rent: $1,107
• Median Home Value: $130,600
• Median Income: $59,984
• Cost of Living: 81.1

 

The Cheapest County to Live in New Jersey (NJ)

Camden County is the cheapest county to live in New Jersey (NJ). This county has the lowest cost of living index of 92.2, lower than the state average. The next most affordable counties after Camden County are Gloucester County, Burlington County, Warren County, and Mercer County at 99.3, 100.9, 101, and 103, respectively.

The most expensive counties in New Jersey are Bergen at 140.3, Ocean County at 107.5, and Monmouth with a cost of living index of 129.7 compared to the state average of 120.4 in Garden State.

Conclusion

If you’re looking for somewhere to live in the Garden State, there’s no shortage of options. New Jersey boasts some of the best towns in the country and even has a few places that are among the most affordable cities. Whether it’s Rahway or Trenton or any other city or town, there are plenty of options for those on a budget.

The best way to get started is by talking with an experienced real estate agent who can help you find the perfect home for your family. HOMES by ARDOR has experienced agents throughout New Jersey and would love to show you their listings.