NEW JERSEY — New Jersey residents spend the second-lowest percentage of their income on groceries among all 50 states, according to a new WalletHub study.
The personal finance website analyzed the prices of 26 common grocery items nationwide and compared the total cost in each state to median monthly household income to determine where residents spend the largest and smallest share of their earnings on food.
In New Jersey, the average cost of groceries totaled $127.39, representing 1.51% of the state’s median monthly household income, the report found.
While overall grocery costs ranked among the lowest relative to income, individual item prices varied. New Jersey ranked 41st for the average price of ground beef, 18th for potatoes, 47th for bananas, 20th for sugar and soft drinks, and 29th for dishwashing detergent. In the rankings, a lower number indicates a higher price compared with other states.
WalletHub noted that grocery prices nationwide have risen nearly 30% over the past five years, putting pressure on household budgets.
The full report is available at wallethub.com.
