Comprehensive salary data, cost of living, tax rates, and employment information for New Jersey.
Reviewed by Alexander O.M., MBA, BSc Engineering•Updated
New Jersey has one of the highest median household incomes in the US at $97,126 and also the highest effective property-tax rate in the country — two statistics that coexist uncomfortably and drive much of the state's politics. The economy is anchored by the pharmaceutical industry, which has the densest employment cluster in the US in central and northern New Jersey (Johnson & Johnson in New Brunswick, Merck in Rahway and other sites, Bristol-Myers Squibb in Lawrenceville, and dozens of smaller pharmaceutical and biotech firms across Middlesex and Union counties). The northeastern part of the state functions as a commuter economy into New York City — Hudson, Essex, and Bergen counties have among the highest household incomes in the state and the highest housing costs. The southern counties (Atlantic City, Cape May) have a very different economy driven by tourism and gaming. State income tax is steeply progressive, with a top marginal rate of 10.75% on income over $1 million — among the highest in the country. The $15.49/hour minimum wage is indexed to inflation. Property taxes average around 2.2% of home value, noticeably higher than any other state. Full breakdown follows.
Median Individual
$45,790
per year
Median Household
$97,126
per year
Cost of Living
115
Expensive (US avg = 100)
State Income Tax
1.4-10.75%
rate
Salary Overview for New Jersey
The median individual income in New Jersey is $45,790 per year, while the mean (average) individual income is $60,010. The median household income is $97,126.
Cost of Living Adjusted Salary
New Jersey's cost of living index is 115 (national average = 100). This means the median salary of $45,790 in New Jersey has the purchasing power of approximately $39,817 at the national average cost of living. The higher cost of living in New Jersey means you need to earn more to maintain the same standard of living.
Minimum Wage in New Jersey
The current minimum wage in New Jersey is $15.49/hour, which equals approximately $32,219 per year for a full-time worker (40 hours/week, 52 weeks). See our complete New Jersey minimum wage guide for tipped wages, scheduled increases, and more.
Top Employers in New Jersey
RWJBarnabas Health
Johnson & Johnson
Prudential
Major Industries in New Jersey
Pharmaceuticals
Finance
Technology
Tax Rates in New Jersey
See the full tax breakdown including income tax, sales tax, property tax, and more on our New Jersey tax rates page.
Calculate Your Take-Home Pay
Use our Salary Calculator to convert between hourly, weekly, monthly, and annual pay, and estimate your take-home pay in New Jersey after federal and state taxes.