Study finds New Jersey wages falling behind rising cost of living
The Garden State experienced the largest decline in real purchasing power in the U.S.
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A new study that measures cost of living in the United States ranked New Jersey dead last in the nation. After adjusting for inflation and the cost of living, the MyPerfectResume study found that most Americans have lost real spending power since 2020. However, New Jersey ranked last when comparing wage increases to the skyrocketing cost of living.
Between 2020 and 2024, the Garden State experienced the largest decline in real purchasing power in the U.S. This indicates that while New Jersey wages may be rising, they are not growing nearly fast enough to keep pace with inflation.
The study highlights a frustrating reality for many – a high-paying job doesn’t automatically equate to a higher standard of living if the local economy swallows those gains.
The Northeast is feeling the squeeze more than any other region. New Jersey leads the list of states where the gap between wages and costs is the widest. The top five that round up this category are Massachusetts, New York, Maryland, Rhode Island and New Jersey.
The states where paychecks grew are Idaho, Florida, Washington, Montana and Wyoming.
