This is what I have been doing for a week. Looking up living cost for the state New Jersey. Trying to find all the averages for home, car, insurance, salary, taxes and college.
To fill up a 10 gallon tank with regular is a average at $3.67. Comes out to $36.70 to fill up. Lets say you fill up once a week. For a year that would be $1,908.40.
If you are paying monthly payment on a car that is about $12,995 (the price for 2012 Ford Fiesta S). To finance for 3 year and 6 month at $300 a month. Would be $3,600 for the year. I didn’t add interest.
Car insurance for the state of New Jersey is about $1,766 a year. Add the insurance, gas and monthly payment would come out $7,274.40 for the year.
The average home for the state of new jersey is about $371,000. That price would be a house that is remodeled and move in ready for the area of Jersey I live in.
Mortgage Percent on average is 6.25%. So you buy a house at $371,000 and you set a mortgage for 25 years with 6.25% interest. That is an addition $59,360 to the house total. Monthly payment of $1,434.54, and for the year come out about $17,214.
Two other things to include, Home Insurance on average at $1,004 a year and Property Tax on average at $2,206 a year. To a grand total of $20,424 for the year.
Health Insurance on average for the state of New Jersey is $3,380 a year.
To be honest I have not had health insurance since I was 19, I’m 26 now. I have saved $23,660 out of those 7 years. I don’t really go to the doctors. When I get a cold I just pray and that have been working (THANK GOD). The most expensive thing I ever paid for is when I got all four of my wisdom teeth removed at a total of $1,700. Eye doctor which I spend about $400 every two to three years for contacts, glasses and the exam. My last visit I got the exam, glasses, sunglasses, 6 boxes of contacts and prescription sunglasses for a total of $400.
Salary 45,000 to 70,000
The one thing that makes me so mad, finding out the average for NJ is $70,378. Which I think is wrong, that would have to be between two people in one household. The people that make that $70,000 or higher, the group that work in NYC, business owner or went to college for 4 years plus. I would have guess the average at $45,000 a year. There is a huge gap between rich and poor in New Jersey. There is barely any middle class anymore. Most of them lost there job so companies can hire someone cheaper. Average commuter to the NYC, is between $60,000 $100,000 range. The average person in without commuting is about $45,000. Which is throwing off that average of $70,378. If add $45,000 and $100,000, then divide it by two you are going get $72,000. Most people that live and work in NJ make less then $45,000.
Minimum wage for the state of New Jersey is $7.25hr. Salary for a full-timer would be $15,080 a year.
New Jersey income tax is 12.2%. On a income like $15,080, that means they would have took out about $1,236.06 a year. You would go home with $13,843.93 at the end of the year. Thank you New Jersey.
Colleges $108,728 – $80,904
Community Resident $27,151 Commuter $20,195
4 year Resident $116,296 Commuter $86,527
6 year Resident $182,737 Commuter $135,989
The other things I didn’t add to the cost of living is:
Food Gas (Home)
Cause some of these cost change on the individual on how they live and where they live.
You have to make $31,078.40 a year to pay for your car, gas, insurance and taxes for the state of New Jersey. I think there something very wrong with the living cost. Of course you can cut cost here and there. But in the end you would have to work just to live. Is it worth it all? To keep these above average lifestyle. I’m going to live the simplest I can. Things have gone to far. Why are people losing jobs but the cost of living is increasing (expect for real-estate). Where will it end? -tsuLife Author