The Cost Of Living In Toms River, New Jersey
Are you thinking about living in Toms River, New Jersey, and want to know what it might cost? In this episode of Real Estate Refined, I’m going to break down the cost of living right here in Toms River. I’ll share everything from the cost of housing to the cost of gas so you know exactly what to expect.
Let’s start with the obvious: what type of housing are you going to need? Are you single or are you married? Do you have a family? Are you retiring? Your answers to these questions can help you decide what property to choose. The cost of housing varies here in Toms River, so feel free to reach out to me and I can answer any questions you have. However, here’s a little overview of housing prices in Toms River.
Currently, the average four-bedroom, two-and-a-half bath Colonial median sales price is $500,000. The average three-bedroom, two-bath single-family home median sales price is around $400,000. Currently, the average townhome condominium in Toms River ranges between $250,000 for a two-bedroom and $350,000 for a three-bedroom, two-and-a-half-bath townhome.
Toms River is also home to a large number of adult communities, at least by postal zip code. These are usually two-bedroom, one-bath or two-bedroom, two-bath single-family homes ranging today from about $250,000 all the way up to $400,000 for recently renovated, turnkey units
Renting, Waterfront Homes, And Taxes
Just to keep things in perspective, even though rentals are extremely hard to find in Toms River, the median rent is currently $3,150 a month. On average, that would get you a four-bedroom, two-and-a-half-bath Colonial or a three-bedroom, two-bath Ranch.
An important thing to remember about housing in Toms River, New Jersey is that we have two distinct areas: the non-waterfront and the waterfront communities. Homes located in our waterfront community, such as Shelter Cove, Snug Harbor, and Green Island are going to be a little higher on that spectrum. Some single-family homes on the lagoons in these waterfront communities are going for as much as $750,000 up to a million dollars.
Property taxes in Toms River vary. However, you can expect to pay a minimum of about $500 to $600 a month for our non-waterfront homes and more than $10,000 to $12,000 annually for a waterfront home.
Income Tax, Gas, And Tolls
Now that we know about the cost of housing here in Toms River, let’s discuss some of the other costs you can expect. First, the annual state income tax in New Jersey is 6.27% for anybody making from $40,000 up to $500,000 annually. Next, at the time of this recording, a gallon of gas is averaging about $4.40 a gallon—and yes, you do need a car to get around Toms River and over the bridge into the beach.
We do have other logical costs associated with living in Toms River, but one cost that you need to be aware of if you've never been to New Jersey is we have tolls. If you want to drive up and down the Garden State Parkway, expect to pay a toll or expect to have an EZ pass.
Last but certainly not least, taxes in New Jersey are not exactly “affordable.” If you remember, our Governor Murphy famously once said, ‘If taxes are an issue, we may not be your state.’
Make Toms River Your Home
I hope this gave you a little insight into the cost of living here in Toms River, New Jersey. If you have any questions about selling or buying real estate in Toms River or Ocean County, New Jersey, please feel free to reach out and I'd be happy to help.
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