New Providence, NJ, shows a higher cost of living compared to the nationwide average. The overall cost of living index in New Providence stands at 108, which is 8% higher than the national average of 100. This increase is driven by higher housing costs, which are 20% above the national average, and healthcare costs, which are 15% higher.
Despite these elevated costs, New Providence offers competitive advantages in other areas. For instance, groceries and transportation costs are slightly below the national average, with groceries at 10% above and transportation at 5% below. This mix of higher and lower costs makes New Providence a nuanced choice for job seekers considering the overall cost of living.
The cost of living in New Providence, NJ, shows a varied picture compared to the nationwide average, which is set at 100. Housing costs in New Providence stand at 120, indicating that residents pay 20% more than the national average. This higher housing index reflects the demand and limited supply in the area, making it a significant factor for potential job seekers to consider.
Other expenses also show differences. Groceries cost 110, which is 10% above the national average. This increase might be due to the quality of products or the local market dynamics. Utilities are slightly higher at 105, meaning residents pay 5% more for services like electricity and water. Transportation costs are lower, at 95, which is 5% below the average, offering some relief. Healthcare costs are 115, which is 15% higher, a crucial consideration for families. Miscellaneous expenses are at 102, showing a 2% increase. Overall, New Providence presents a mixed cost of living with some areas higher and others lower than the national average.
