Florida vs New Jersey: taxes, cost of living, laws

Florida

Low tax burden · COL index 103

Wins 7 categories

New Jersey

High tax burden · COL index 121

Wins 7 categories

Florida has no state income tax. New Jersey's top rate is 10.75%. Cost of living in New Jersey (index 121) runs 17% higher than Florida (index 103). Property taxes are meaningfully different: New Jersey averages 2.13% annually vs Florida's 0.77%. The median home in New Jersey costs $500K vs $415K in Florida.

Florida

New Jersey

Taxes

None

Income Tax (top rate)

10.75%

0.77%/yr

Property Tax Rate

2.13%/yr

7.02%

Sales Tax (avg)

6.6%

Yes

Social Security Tax

Yes

Estate Tax

Yes

None

Capital Gains Tax

As income

Housing & Cost of Living

103

COL Index (100=avg)

121

$415K

Median Home Price

$500K

$1,900/mo

Median Rent (2BR/mo)

$2,200/mo

$4K/yr

Home Insurance (avg/yr)

$1K/yr

Crime & Safety

387

Violent Crime / 100K

213

1,882

Property Crime / 100K

1,368

151

Sex Offenders / 100K

134

Homeless / 100K

134

Healthcare

#40 of 50

Healthcare Quality Rank

#19 of 50

77.3 yrs

Life Expectancy

79 yrs

13.2%

Uninsured Rate

6.8%

Medicaid Expansion

Yes

Education

#19 of 50

K-12 Quality Rank

#2 of 50

Yes

School Choice / Vouchers

Childcare

$1,000/mo

Avg Infant Care / mo

$1,800/mo

Utilities & Daily Costs

$155/mo

Avg Energy Bill / mo

$155/mo

$510/mo

Avg Groceries / mo

$640/mo

#26 of 50

Road Quality Rank

#44 of 50

Social Policy

Gun Laws Grade

R+13.0

2024 Presidential Margin

D+6.0

Category wins

Florida

New Jersey

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