Once a more affordable alternative to New York City, Jersey City has undergone a dramatic transformation over the past decade. Fueled by real estate development, demographic shifts, and broader inflationary forces, the cost of living here has surged in nearly every category — from rent and property taxes to groceries, fuel, and healthcare.
This report breaks down exactly how and where those increases happened. Whether you’re a lifelong resident, a prospective homebuyer, or a policymaker, understanding this evolution is crucial. Below you’ll find detailed year-by-year data across five major categories, all sourced from government databases, housing platforms, utility rate schedules, and economic research institutions.
Housing Costs (Rent, Home Values, Property Taxes)
Trends: Jersey City’s housing costs have risen substantially since 2015. The average monthly rent for a 2-bedroom apartment increased from about $1,315 in 2015 to $2,299 in 2024 (a 75% jump). Over the same period, median home values roughly doubled – from about $329,000 in 2015 to $706,000 by 2024 – reflecting intense demand and property appreciation. Property tax bills (annual) also climbed, rising from an average of $6,773 in 2015 to $10,624 in 2024, due to both higher assessments and tax rate changes (including a citywide revaluation around 2018).
Housing Data (2015–2024)
|
Year |
2BR Rent (avg. $/month) |
Home Value (avg. $) |
Property Tax (avg. $/year) |
|||
|
2015 |
$1,315 |
$329,000 |
$6,773 |
|||
|
2016 |
$1,460 |
$389,000 (est.) |
$6,959 |
|||
|
2017 |
$1,519 |
$409,000 (est.) |
$7,096 |
|||
|
2018 |
$1,614 |
$468,000 (est.) |
$6,448 |
|||
|
2019 |
$1,573 |
$505,000 (est.) |
$6,773 |
|||
|
2020 |
$1,691 |
$509,000 (est.) |
$7,279 |
|||
|
2021 |
$1,958 |
$559,000 (est.) |
$7,409 |
|||
|
2022 |
$1,972 |
$643,000 (est.) |
$9,857 |
|||
|
2023 |
$2,088 |
$655,000 (est.) |
$10,560 |
|||
|
2024 |
$2,299 |
$706,000 |
$10,624 |
Sources:
- Rent: HUD Fair Market Rents
- Home Values: Zillow Home Value Index, U.S. Census ACS
- Property Taxes: NJ Division of Taxation
Fuel (Gasoline) Prices
Trends: New Jersey’s gasoline prices followed national patterns, remaining fairly low from 2015–2019 (~$2.20–$2.80 per gallon) before spiking in 2022. In 2022, prices hit a high of $4.19/gallon due to global supply chain shocks, then moderated slightly in 2023–2024.
Fuel Prices (2015–2024)
|
Year |
Avg Gas Price ($/gal) | ||
|
2015 |
$2.45 | ||
|
2016 |
$2.20 | ||
|
2017 |
$2.46 | ||
|
2018 |
$2.79 | ||
|
2019 |
$2.69 | ||
|
2020 |
$2.24 | ||
|
2021 |
$2.33 | ||
|
2022 |
$4.19 | ||
|
2023 |
$3.71 | ||
|
2024 |
$3.57 (est.) |
Sources:
- U.S. Energy Information Administration (EIA)
- AAA NJ Fuel Tracker
Food Costs (Grocery Prices)
Trends: Grocery prices rose modestly through 2019, then spiked ~17% from 2020–2022. In 2024, grocery prices were ~27% higher than 2015 levels, driven by inflation in meats, dairy, and packaged goods.
CPI – Food at Home Index (NYC Metro Area)
|
Year |
Food CPI Index |
|
|
2015 |
254.5 |
|
|
2016 |
247.8 |
|
|
2017 |
252.9 |
|
|
2018 |
257.5 |
|
|
2019 |
258.5 |
|
|
2020 |
268.2 |
|
|
2021 |
284.3 |
|
|
2022 |
313.1 |
|
|
2023 |
315.7 |
|
|
2024 |
322.0 |
Sources:
- U.S. Bureau of Labor Statistics (BLS), Consumer Price Index – NYC Metro Region
Utilities (Electricity, Natural Gas, Water/Sewer, Internet)
Trends: Utility bills rose steadily, especially gas and water/sewer. Internet remained relatively flat in cost but improved significantly in speed and value.
Utility Costs (Monthly Averages)
|
Year |
Electricity |
Gas (est.) |
Water/Sewer |
Internet |
|
|
2015 |
$110 |
$65 |
$70 |
$60 |
|
|
2016 |
$108 |
$63 |
$72 |
$62 |
|
|
2017 |
$107 |
$64 |
$74 |
$64 |
|
|
2018 |
$106 |
$66 |
$76 |
$65 |
|
|
2019 |
$105 |
$70 |
$78 |
$66 |
|
|
2020 |
$106 |
$75 |
$80 |
$68 |
|
|
2021 |
$108 |
$85 |
$82 |
$70 |
|
|
2022 |
$110 |
$100 |
$85 |
$72 |
|
|
2023 |
$113 |
$90 |
$88 |
$74 |
|
|
2024 |
$113 |
$88 |
$90 |
$75 |
Sources:
- EIA Utility Rate Data
- Jersey City MUA
- MovingWaldo & Numbeo
Healthcare (Insurance Premiums & Deductibles)
Trends: Healthcare premiums and deductibles climbed steadily — a ~45% increase in family premiums over the decade. The average family paid $25,572/year in 2024 for employer-sponsored health insurance.
Healthcare Costs (Annual)
|
Year |
Family Premium |
Single Deductible |
|
|
2015 |
$17,545 |
$1,077 |
|
|
2016 |
$18,200 |
$1,140 |
|
|
2017 |
$18,850 |
$1,200 |
|
|
2018 |
$19,500 |
$1,260 |
|
|
2019 |
$20,576 |
$1,364 |
|
|
2020 |
$21,500 |
$1,450 |
|
|
2021 |
$22,500 |
$1,550 |
|
|
2022 |
$23,968 |
$1,735 |
|
|
2023 |
$25,572 |
$1,735 |
|
|
2024 |
$25,572 |
$1,735 |
Sources:
- Kaiser Family Foundation (KFF)
- Commonwealth Fund
Conclusion
Across most categories, the cost of living in Jersey City rose significantly from 2015 to 2024:
- Rent rose 75% and home values doubled.
- Gasoline peaked in 2022 and remains elevated.
- Food prices are up nearly 30% since 2015.
- Utility bills rose ~25%, particularly for gas and water.
- Healthcare costs surged, with family plans rising by over $8,000 annually.
These trends reflect Jersey City’s transformation into one of the most expensive urban markets on the East Coast, making affordability a growing concern for residents and policymakers alike.
Full List of Sources
Housing:
- U.S. Department of Housing and Urban Development – FMR data
- Zillow Home Value Index
- U.S. Census Bureau ACS
- NJ Division of Taxation – Average Residential Property Taxes
Fuel:
- U.S. Energy Information Administration (EIA)
- AAA New Jersey Fuel Averages
Food:
- U.S. Bureau of Labor Statistics – Consumer Price Index (NYC Metro Area)
Utilities:
- EIA Electric & Gas Rate Reports
- Jersey City Municipal Utilities Authority
- MovingWaldo, Numbeo Utility Surveys
Healthcare:
- Kaiser Family Foundation Employer Health Benefits Survey
- Commonwealth Fund – Cost-Sharing and Out-of-Pocket Trends
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