New Jersey Ranks as Sixth Most Expensive State for Generation X!

New data shows that New Jersey is one of the most expensive places to live for Generation X.

If you were born between 1965 and 1980, living in New Jersey can be tough on your wallet. This is no surprise to those who live there, as the state is known for its high cost of living.

Why Is New Jersey So Expensive for Gen X?

A report from Go Banking Rates puts New Jersey in the top 10 most expensive states for Generation X. It ranks as the sixth most expensive state.

This shows how challenging it can be for Gen X residents to manage their expenses.

The High Cost of Living for Gen X in New Jersey

The numbers reveal a harsh reality. The total cost of living for Gen X in New Jersey is $86,416 per year.

This amount puts the state just below the top 10 most expensive places to live.

Expensive Housing Costs for Gen X

One of the main reasons for the high cost of living is housing. The average monthly mortgage in New Jersey is over $3,000, making it the fifth highest in the country.

This makes it difficult for Gen X homeowners to manage their finances, especially when compared to other states.

How Does New Jersey Compare to Other Expensive States?

New Jersey is not alone in being expensive for Gen X. There are only five states where the cost of living is higher: Alaska, Washington, Massachusetts, California, and Hawaii.

In Hawaii, the cost of living is the highest, with an annual expense of $145,989 and a monthly mortgage of $5,362.

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Why Gen X Faces Financial Challenges in New Jersey?

Generation X residents are facing tough financial challenges in New Jersey.

The combination of high housing costs and the overall cost of living puts a strain on their budgets. This makes it difficult for them to save money or invest in their future.

Conclusion: The Financial Struggle Is Real for Gen X in New Jersey

Living in New Jersey is expensive, especially for Generation X. With high housing costs and a high cost of living, it is one of the most challenging places to manage finances.

As the sixth most expensive state for Gen X, New Jersey remains a costly place to call home.

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