Cost of Living in Elizabeth, New Jersey
In Elizabeth, the median household income is $66,555 and the median gross rent is $1,523/mo, with a median home value of $449,300. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $66,555
- Median gross rent
- $1,523/mo
- Median home value
- $449,300
- Population
- 137,302
How Elizabeth compares to the New Jersey average
| Measure | Elizabeth, NJ | New Jersey statewide | Difference |
|---|---|---|---|
| Median household income | $66,555 | $103,556 | -35.7% |
| Median gross rent (monthly) | $1,523 | $1,720 | -11.5% |
| Median home value | $449,300 | $454,400 | -1.1% |
Statewide, New Jersey prices average 108.8 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Elizabeth
- Salary needed for median rent
- $60,920
- Rent burden at median income
- 27.5%
- Est. affordable home price
- $242,788
So that $1,523/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Elizabeth is $449,300 — +85.1% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other New Jersey cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.