Quick facts: Newark, NJ

Quick Facts

115.8
Cost of Living
above US average
305,344
Population
23.32
Crime Rate per 1000
above US average
$46,460
Median Income
below US average
$499,000
Median House Price
above US average
$2451.11
Average Rent
above US average
30%
Poverty Rate
above US average
7.8%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $46,460.

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Income Needed to Buy

βœ— Stretch
$157k/year
Based on $499,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $157k vs median $46,460
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Income Needed to Rent

⚠ Stretch
$105k/year
Based on $2451.11/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $105k vs median $46,460
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Newark, NJ

Newark, New Jersey, is the largest city in the state and serves as a key cultural and economic hub in the region. Situated just 8 miles west of Manhattan, Newark boasts a rich history dating back to its founding in 1666. The city is known for its diverse population, vibrant arts scene, and historic architecture. One of Newark's prominent features is the Newark Museum, which houses an impressive collection of American art, decorative arts, and natural science exhibits. The city is also home to the New Jersey Performing Arts Center (NJPAC), which hosts concerts, theater productions, and special events, making it a centerpiece for cultural activities. Newark's Ironbound district is famous for its plethora of restaurants that showcase Portuguese, Spanish, and Brazilian cuisines, attracting food lovers from across the region. Additionally, Newark Liberty International Airport is one of the oldest and busiest airports in the U.S., connecting the city to numerous domestic and international destinations. With its rich history, diverse community, and growing economic potential, Newark is a dynamic city that continues to evolve while embracing its heritage.

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