A new SmartAsset analysis found that living comfortably in New Jersey may require a six-figure salary, and interviewed residents agreed on that claim.
Here's what to know
SmartAsset's estimates, highlighted in a News 12 New Jersey report, rank New Jersey 10th in the nation for the income a single adult needs to live comfortably. The benchmark came in at $113,776 a year and was up more than 4%.
For families, the bar is far higher. The study put the income needed for a New Jersey family of four to maintain a comfortable lifestyle at about $295,000 a year.
One interviewee said, "I agree over a 100K to live comfortably, to be able to have that work-life balance, to go out with your friends, have a social life."
Paul Oster, a financial expert interviewed by the news team, suggested the fault may lie in the household, suggesting that excessive spending was the issue.
One commenter wrote in response to Oster, "Guy is partially right on spending habits. But you still need almost 100k or more to even breathe here. Cost of everyday living is out of control here."
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
More background
"Comfortable" does not necessarily mean extravagant. For many people, it simply means being able to cover necessities while still having enough left for savings, emergencies, and some enjoyment.
In a high-cost state like New Jersey, those basics can add up fast. Housing remains one of the biggest pressure points, and many residents feel that strain through rent or mortgage payments as well as through property taxes and insurance.
That pressure can shape major life decisions. One commenter on the segment wrote, "I remember my father saying we would probably have to buy in PA to afford a home. He wasn't wrong. After growing up in Holmdel I now live in New Hope PA."
What can be done?
Paul Oster, drawing on his 21 years of financial experience, argued that the headline number is only part of the picture.
"This really isn't about Americans or or New Jerseyans making more money," Oster said in the video. "I know people that make a 100, 200, 300 thousand dollars or more, and they're still broke because their lifestyle is consuming every single dollar."
Oster urged households to track cash flow closely so they know exactly what is coming in and what is going out.
He also pointed to building savings and reducing credit card debt as priorities. Those moves can create more flexibility even when wages are not rising as quickly as costs.
"If you're young, work on increasing your income. If you're old, work on reducing your expenses," another commenter advised. "Everyone else in the middle, control expenses, look for opportunities to make more income."
Oster concluded, "Do you have to make $114,000 as an individual? Absolutely not. You have to work with your numbers, know what your numbers are is the most important message."
Where can I learn more?
What's happening in New Jersey fits into a nationwide story about housing costs and everyday bills climbing faster than paychecks.
• Across the U.S., the median home now demands a $120,000 income, according to Harvard.
• In central New Jersey, homeowners are seeing $15K to $20K HVAC quotes.
• Across New Jersey, lawmakers want money to power relief as electricity costs strain households.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
