Cost of living in Somerset
Somerset, NJ, is a vibrant community known for its suburban charm and proximity to major urban centers. Understanding the cost of living in Somerset is crucial for potential residents and those considering relocation.
This guide provides a detailed breakdown of expenses, including housing, transportation, groceries, and more, to help you make informed financial decisions.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $20 on average, with a range between $15 and $35.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $80, with prices ranging from $40 to $140.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $12, with a range between $8 and $15.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $6 to $10, imported beer $8 to $10, cappuccino $4 to $8, and Coke/Pepsi $1.99 to $3.
Grocery Prices
- Milk - Milk is priced between $0.92 and $2.11 per liter, averaging $1.08.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $2.19 and $11.02, with an average price of $4.04.
- Eggs (Dozen) - A dozen eggs range from $1.99 to $5, averaging $4.23.
- Fruits (e.g., Apples, Oranges) - Apples cost $2.2 to $11.02 per kg, while oranges range from $2 to $11 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes are priced between $1.07 and $6.61 per kg, and lettuce costs $1.07 to $4 per head.
Transportation
- Public Transport (One-Way Ticket) - A one-way local transport ticket costs between $2.75 and $5, with a monthly pass priced between $88 and $150.
- Fuel (Gasoline) - Gasoline is priced between $0.82 and $1.29 per liter.
- Taxi Fares - Taxi fares start at $3.5, with a cost of $1.55 to $3.26 per km and $30 to $45 per hour of waiting.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre averages $2600.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $2100 to $3200, averaging $2650.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre averages $4000.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent averages $3000.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre averages $3013.89.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter averages $2583.34.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $100 and $300, averaging $178.19.
- Internet - Internet services range from $29 to $100, with an average cost of $57.33.
Cost of Living Rankings
The cost of living indices for the United States are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in United States, covering factors like consumer goods, rent, and purchasing power.
Cost of Living Data
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"Key Takeaways"
Somerset, NJ, presents a moderate to high cost of living, particularly in housing and dining. The rental market shows significant variation, especially outside the city centre.
Grocery prices are relatively high, with some items like bread and cheese showing a wide price range. Transportation costs are manageable, with gasoline prices being relatively low.
Utilities and internet services are reasonably priced, but potential residents should budget carefully for housing and dining expenses.
Conclusion
In conclusion, Somerset, NJ, offers a suburban lifestyle with access to urban amenities, but at a cost. Housing and dining are the most significant expenses, while transportation and utilities are more affordable.
Prospective residents should consider these factors when planning their move to Somerset, ensuring they have a comprehensive understanding of the financial commitments involved.