Florida vs New Jersey: Tax & Cost Comparison
2026Side-by-side Florida vs New Jersey comparison: state income tax, sales tax, property tax, cost of living, and minimum wage for 2026. NJ retirees rank Florida as the #1 destination — comparing NJ's 10.75% top + 2.46% property-tax (highest in the country) against Florida's zero income tax.
Written and reviewed by Konstantin Iakovlev · Methodology · Updated
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
| Tax / Cost Factor | Florida | New Jersey |
|---|---|---|
| State income tax (top rate) | None | 10.75% (progressive) |
| State sales tax | 6.00% | 6.63% |
| Avg. effective property tax | 0.86% | 2.23% |
| Minimum wage (2026) | $14.00/hr | $15.92/hr |
| State Disability Insurance (SDI) | No | Yes (0.19%) |
| Paid Family Leave | No | Yes |
| Median home price (Q4 2025) | $410,000 | $525,000 |
| Foreclosure type | judicial | judicial |
| BEA Regional Price Parity (2024) | 100.4 | 113.5 |
| Median household income (2024) | $67,900 | $97,130 |
| Median 2-bedroom rent (Q4 2025) | $1,810/mo | $2,210/mo |
Worked example: $75,000 single filer, 2026
For a single filer earning $75,000 in 2026, the rough state-tax burden comparison:
- Florida: estimated state income tax $0 (no state income tax), plus federal income tax (≈ $7,300 at 22% marginal), FICA $5,738, sales tax 6.00% on consumption.
- New Jersey: estimated state income tax ≈ $5,644, plus federal $7,300, FICA $5,738, sales tax 6.63% on consumption.
Property tax depends entirely on home value. On a $400,000 home: Florida ≈ $$3,440/year; New Jersey ≈ $$8,920/year.
Why this comparison? NJ retirees rank Florida as the #1 destination — comparing NJ's 10.75% top + 2.46% property-tax (highest in the country) against Florida's zero income tax.
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Frequently asked questions
Which is cheaper to live in: Florida or New Jersey?
By BEA Regional Price Parity (2024), Florida has a cost-of-living index of 100.4 and New Jersey is 113.5 (US average = 100). Median household income: Florida $67,900, New Jersey $97,130. Median 2-bedroom rent: Florida $1,810/mo, New Jersey $2,210/mo. Florida is the lower-cost state by this measure.
Does Florida or New Jersey have lower income tax in 2026?
Florida has no state income tax; New Jersey has a top rate of 10.75%. Florida is the clearly lower-income-tax state.
What about property taxes in Florida vs New Jersey?
Florida's average effective property tax rate is 0.86% (e.g., $3,440/year on a $400,000 home). New Jersey's rate is 2.23% ($8,920/year on $400K). Florida has the lower property tax burden.
Where is the minimum wage higher: Florida or New Jersey?
Florida's 2026 minimum wage is $14.00/hour; New Jersey's is $15.49/hour. New Jersey is higher.