Hoboken, NJ, has become a destination for young professionals and families who want to live near all that New York City has to offer while also finding more of a community feel. It stands to reason, then, that prices would be on the rise and the cost of living in Hoboken reflects its popularity. If you’re considering moving to this growing city, take into account the cost of living as you’re creating your moving budgets and you’ll tackle your relocation with ease. Here is a look at some of the biggest costs of living in Hoboken.
Rent in Hoboken is nowhere near as expensive as, say, Manhattan, but it is more than twice the national average. For a typical apartment expect to pay somewhere around $2,000 per month, of course with variance in either direction depending on how far away from the New York border you’re willing to live. Buying a home in Hoboken is also an investment, with the average monthly mortgage payment at around $5,000 and home prices in the $500,000 range. That said, if you think Hoboken might be the city of your dreams, now is the time to buy. Predictions show even more Millennials moving out of New York and heading for the neighborhoods of Hoboken, so demand is expected to increase.
The housing costs may be well above national average, but so is the median household income. Income per capita is just under $67,000, squarely situating the city well above national average. Per household, the average income is around $106,000 — that’s more than 100% higher than the national average. The unemployment rate is a notably low 3.2% too, so you might say that the city’s residents are doing pretty well. Relocating to Hoboken will likely present you with some excellent job opportunities and a top-notch quality of life.
Cost of food
In general, you’ll find that groceries in Hoboken are right around average, if not slightly less. Restaurants, on the other hand, are a different story. While the national average for a beer is around $8, in Hoboken you’ll pay $13. Though you can certainly get a good-quality meal for under $20, things like a pizza will cost you a bit more, and if you start heading out frequently to higher-end restaurants, you’ll notice that the tab is a bit higher than other, smaller cities. You don’t necessarily have to plan for Manhattan prices, but it seems that proximity to the city means the prices go up. The quality and experience certainly matches, though — so you can expect some fantastic dining experiences in Hoboken.
Unfortunately, Hoboken’s electrical costs are about 50% higher than the national average, and above the New Jersey average, too. If you’re still one of those who likes to have a landline phone, it won’t cost you much more than average — that includes your internet too, unless you prefer something high-speed and fancier. With its central location, you have access to all the best technology can offer. As far as heating bills go, well — that depends largely on where you choose to live. New Jersey can have some cold winter months, so make sure your new home is well-insulated to keep the cost of living in Hoboken down.
The cost of visiting a doctor in Hoboken is fairly comparable to the national average, around $120 per visit — though if it’s a cavity that you need fixed, you’ll pay a little bit more to see your local dentist. Prescription medication will also generally be slightly higher than the national average, but we’re thinking that with the quality of life in Hoboken and all it has to offer, you won’t have time for being sick anyway…
Relocating to Hoboken will likely save you a fair bit on transportation since you don’t really need a car. Easily ride the Hoboken HOP Shuttlebus around the city, catch the PATH into New York, or take the Hudson-Bergen Light Rail if you’re headed out of town. The HOP is just $1 per ride, with rates on the PATH at $1.75 per ride or $1.30 with a SmartLink card. If you’ll be traveling into New York frequently the pass is certainly worth it.
If you do choose to keep your car, expect gas to be a bit pricey in Hoboken and make sure to look for an apartment or home with designated parking to keep life simple.
If you still aren’t sure whether this is the city for you, have a look at six reasons to move to Hoboken!