Let’s talk career and salaries, one of the most popular topics among job seekers. Is 120k a good salary to have in New Jersey? How much does an average employee make in the state when they work around 8 hours per day? In this article, we will look at exactly what kind of revenue you can expect to make in various fields there, so stay with me!
The answer to that question is yes and no.
Yes, 120k is a good salary in New Jersey. But no, it’s not the highest salary you can make there.
The median household income for New Jersey residents was $69,599 in 2017, according to the U.S. Census Bureau. That means half of all households earned more than $69,599 and half earned less. So if you’re earning 120k, you’re definitely doing better than most of your neighbors!
However, if you’re looking to buy a home in New Jersey or have a family with children who need to be educated, then 120k might not be enough for those purposes. The average cost of living in New Jersey is around $78,000 per year for a family of four—and that includes health insurance costs and other expenses related to raising children!
Is 120k a good salary in new jersey
Introduction
In New Jersey, the average salary is $69,979 as of June 28, 2020, but the range typically falls between $61,778 and $80,606. Salary ranges can vary widely depending on the city and many other important factors
It depends on your lifestyle.
It depends on your lifestyle.
How high is the cost of living?
How much do you spend?
How much can you save?
How high is the cost of living?
How high is the cost of living?
New Jersey has a high cost of living, with housing being one of the most expensive areas. According to Numbeo, the average rent for a one-bedroom apartment in New Jersey costs $1,154 per month. This doesn’t include utilities or additional fees like pet deposits or application fees that can add hundreds more to your monthly bill.
Food and transportation are also very costly in New Jersey. The average price for groceries is $500 per month and gas prices hover around $3/gallon throughout much of the state (it’s worth noting that these numbers change often). The average commute time is 30 minutes each way—which adds up quickly when you’re paying more than $5/gallon for gas!
How much do you spend?
You might be a good candidate for an $120k salary if you are planning to buy a house and retire early. If you have no children or other dependents, then it’s easier to save money without the need to support anyone else. However, if there are people in your family who rely on the income from your job, then consider if they can survive on less than $100k per year. It might be more prudent for them to move somewhere with lower living costs than continue spending so much money on unnecessary items.
Students also benefit from living in areas with low housing costs because their parents will not have so much difficulty paying tuition fees every semester.
How much can you save?
The average New Jersey resident saves about 7% of their income, but if you’re willing to make some sacrifices, you can easily save more than a third. If you are frugal enough, you can live well on less than $50k a year in New Jersey.
The amount that you save will depend on your spending habits and living situation. For example, if you live alone or with roommates instead of owning your home and paying rent or mortgage payments (and utilities), then there won’t be much left over after all the bills are paid. On the other hand, if your spendthrift ways don’t cost too much in terms of luxury purchases—or even necessities—then there’s no reason why saving money should be difficult at all!
120k a year is a great salary in New Jersey.
Your mileage may vary, but here’s how I would look at it: If you are living in a 2 bedroom apartment in Hoboken with a roommate and you have no kids, then 120k is more than enough to cover all your expenses. However, if you’re living on your own or with a family of 4+ people and paying for daycare, taxes are going to be high. Also keep in mind that most people don’t live alone or make enough money to afford the highest end lifestyle; they have roommates and save 50% of their income while still enjoying life!
The cost of living in New Jersey is very high but there are plenty of ways to cut corners without sacrificing quality of life or happiness. You can rent an apartment which feels like home without breaking the bank by looking for deals on Craigslist (seriously). It’s also possible to score furniture from thrift stores–my bed frame cost me $15!
Conclusion
120k is a good salary in new jersey, but it also depends on your lifestyle. For example if you live in a big city like New York or Los Angeles then 120k might not be enough to get by without having roommates and sharing expenses. If you have kids then 120k may not be enough because childcare cost can be expensive if you live there too!
