10 Cheapest Places to Live in NJ (2023)
Gloucester City
Median Home Value: $125,800
Median Rent: $1,163
Median Household Income: $59,394
Gloucester City is the cheapest place to live in NJ, with a median home value of just over $125,000 in 2022. This city is located in Camden County, New Jersey, and is home to around 11,500 people. The town offers a convenient location directly across the Delaware River from Philadelphia. Plus, it’s a small town with a family-friendly atmosphere and a high concentration of Irish American residents.
With a median home value of just $125,800 and a median rent of just under $1,200, Gloucester City is affordable by New Jersey standards. It offers a tight-knit community and plenty of public parks and walking spaces, making it an excellent place for families or young professionals who work across the river in Philadelphia.
Philipsburg
Median Home Value: $136,800
Median Rent: $968
Median Household Income: $54,459
Philipsburg is another one of the cheapest places to live in NJ. Philipsburg is situated along the Delaware River in Warren County, New Jersey, located directly across from Easton, Pennsylvania, which is accessible via the Northampton Street Bridge. Situated just 30 minutes from the Pocono Mountains, halfway between New York and Philadelphia, Philipsburg offers a central location and a historic past.
It was once a central transportation hub, and the Norfolk Southern Railway still runs through the town. With a median rent of under $1000 and a median home value of $136,800, Philipsburg offers a ton of value for growing families.
Oaklyn
Median Home Value: $186,300
Median Rent: $917
Median Household Income: $72,879
Oaklyn is a quiet borough in Camden County, New Jersey, often rated as one of the best places to live in the state. Located just 20 minutes outside of Philadelphia, it’s a peaceful suburb with less than 5000 people.
It offers good public schools and a low cost of living with a median home value of just $186,300 and a median rent of under $1000. Plus, Oaklyn has a bustling economy with a high employment rate and business growth relative to the cost of living.
Absecon
Median Home Value: $191,300
Median Rent: $1,402
Median Household Income: $70,393
Absecon is a city in Atlantic County, New Jersey, situated on the Absecon Bay outside Atlantic City. It’s a peaceful small town with a tight-knit community and gorgeous waterfront views.
The nearby bay provides plenty of recreational activities, as does the Absecon Wildlife Management Area features 3700 acres of protected marshland for fishing and bird watching. Plus, Atlantic City is close by for more action and entertainment.
With the median home price under $200,000 and the median rent just over $1400, Absecon offers a low cost of living and plenty of attractions for families and retirees.
Trenton
Median Home Value: $95,800
Median Rent: $1,026
Median Household Income: $35,402
Trenton is the capital of New Jersey and the county seat of Mercer County. It’s a historic city with a proud past and offers easy access to New York City and Philadelphia. It attracts young families due to its good public schools and abundance of parks. Plus, the cost of living in Trenton is 26% lower than the New Jersey average, and the cost of housing is among the cheapest in the state.
However, it does suffer from problems like crime and lack of employment opportunities. So, residents should do their research before moving to a particular area. But it’s still a very cheap city with plenty of potential if you stick to the safer neighborhoods.
Pitman
Median Home Value: $185,600
Median Rent: $1204
Median Household Income: $75,909
Pitman is a borough in Gloucester County, located about 40 minutes from Philadelphia and Wilmington, Delaware. The city features a quaint downtown area with great local shops and restaurants and hosts frequent community events such as crafts fairs and outdoor concerts. Plus, there are plenty of parks and golf courses in Pitman and Alcyon Lake, which offers ample opportunity for outdoor recreation.
With a median home value of $185,60 and a median rent of just over $1200, Pitman offers affordable living and a great small-town atmosphere for young families and working professionals.
Clayton
Median Home Value: $197,600
Median Rent: $1033
Median Household Income: $69,883
Clayton is another township in Gloucester County with just over 8,000 people. It offers a low crime rate, good public schools, and an easy commute into Philadelphia.
About one-third of the borough is covered by municipal and state parks, including the Glassboro Wildlife Management area, covering approximately 2,400 acres of Clayton and other surrounding townships.
Clayton is among the best suburbs for both growing families and young professionals for all these reasons. Plus, with a median home value under $200,000 and a median rent of just over $1000, it’s quite affordable for New Jersey standards.
Rahway
Median Home Value: $272,700
Median Rent: $1,310
Median Household Income: $78,946
Rahway is a city in Southern Union County, located about 21.6 miles southwest of Manhattan and 5 miles west of Staten Island. Considered a commuter city for those who work in New York, Rahway offers a suburban ambiance with easy access to urban amenities. Its location on the Rahway River, which feeds into the Hudson River, allowed the city to develop as an industrial and artisanal center with a thriving arts community.
Median home values are slightly higher than some of the other cities on this list, but it’s still much lower than the statewide average. It’s among the most affordable suburbs of New York City and caters to a diverse array of residents, including families and working professionals.
Hightstown
Median Home Value: $282,700
Median Rent: $1,458
Median Household Income: $80,410
Hightstown is a borough in Mercer County, located in Central New Jersey, about 30 minutes from Trenton. It features a bustling downtown area with great restaurants, shops, and local businesses. It has great schools and plenty of parks, golf courses, and recreation areas, perfect for families. Plus, it’s about an hour’s drive from both New York and Philadelphia, offering more opportunities for action and excitement. With an average home value of under $300,000 and a median rent of less than $1500, it’s quite affordable by New Jersey standards.
Toms River
Median Home Value: $294,700
Median Rent: $1,414
Median Household Income: $79,607
Toms River is a Township in Ocean County, located right on the Atlantic Ocean. It’s one of the most famous towns in Ocean County, having made appearances in hit TV shows like Boardwalk Empire and the Jersey Shore. It also features a popular downtown area and unique attractions like the Insectropolis and the Urban Air Trampoline and Adventure Park. With median home values under $300,000 and rent just over $1400, Toms River offers desirable beachfront property and very reasonable prices.
Cheapest Places To Live In NJ Comparison
|
Rank |
Place |
Median Rent |
Median Home Value |
|
1 |
Gloucester City |
$1,163 |
$125,800 |
|
2 |
Philipsburg |
$968 |
$136,800 |
|
3 |
Oaklyn |
$917 |
$186,300 |
|
4 |
Absecon |
$1,402 |
$191,300 |
|
5 |
Trenton |
$1,026 |
$95,800 |
|
6 |
Pitman |
$1204 |
$185,600 |
|
7 |
Clayton |
$1033 |
$197,600 |
|
8 |
Rahway |
$1,310 |
$272,700 |
|
9 |
Hightstown |
$1,458 |
$282,700 |
|
10 |
Toms River |
$1,414 |
$294,700 |
Methodology for Selecting the Cheapest Places to Live in New Jersey
This list was compiled using data based on the average cost of goods, housing prices, and household income. The rankings were based on the ratio of housing costs to median income. Cities with more expensive housing costs may rank higher on the list because they also feature more economic opportunities and higher incomes. The list takes into account the relative buying power of the average resident, not just the cost of housing and goods. Cities on this list are those that offer a quality standard of living, in addition to a low cost of goods and housing.