New Providence, NJ Cost Of Living

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Updated: 2020-03-08
New Providence's Overall Cost Of Living
Higher Than The National Average
The cost of living index is set to 100 for the average place in America. An index above 100 means New Providence is expensive, while a number below 100 means it's a relatively cheap place to live.

What is the cost of living in New Providence, NJ?

According to the most recent data on the cost of living, New Providence has an overall cost of living index of 151 which is 1.5x higher than the national index of 100.

Compared to only New Jersey, New Providence has a cost of living index that's 1.2x higher than New Jersey's index of 123.

The standard of living in New Providence ranks as #5858 most affordable out of the 6522 places we measured in New Jersey. By definition, that implies New Providence ranks as the #548 most expensive place in the Garden State.

New Providence Cost Of Living Vs. New Jersey

Living Expense New Providence New Jersey National Average
Overall 151 123 100
Services 102 111 100
Groceries 113 110 100
Health 99 102 100
Housing 263 158 100
Transportation 110 110 100
Utilities 87 100 100
For more reading on cost of living around New Jersey, check out:
New Providence Cost of Living Vs. NJ

New Providence, NJ Housing Cost Breakdown

Housing swings affordability the most between places in New Jersey, so we broke down the statistics around housing costs into more detail. It's also important to consider median household incomes to make apples-to-apples comparisons across locations.

Home and income come data comes from the most recent US Census ACS 2014-2018.

Median Home Value
Median Rent
Median Income
Statistic New Providence New Jersey United States
Median Home Value $595,200 $327,900 $204,900
Median Rent $1,634 $1,295 $1,023
Median Income $134,141 $79,363 $60,293
Home Value To Income 4.4x 4.1x 3.4x
Rent To Monthly Income 0.15x 0.2x 0.2x

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Cost Of Living In Cities Around New Providence

City Population Cost Of Living Vs. New Providence
Westfield, NJ 30,086 170 1.1x
Summit, NJ 21,921 181 1.2x
Madison, NJ 16,042 164 1.1x
Bradley Gardens, NJ 14,417 144 1.0x
Short Hills, NJ 13,134 244 1.6x
Florham Park, NJ 11,672 162 1.1x
Martinsville, NJ 11,541 155 1.0x
Lincoln Park, NJ 10,339 130 0.9x
White Meadow Lake, NJ 9,383 127 0.8x
Chatham, NJ 8,881 171 1.1x

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