Boonton cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexBoontonNew JerseyNational
Cost of living index135131100
IndexBoontonNew JerseyNational
Goods & Services index115118100
Groceries index106116100
Health care index107111100
Housing index194166100
Transportation index111118100
Utilities index98110100
Here we can see a simple outline of the cost of living in Boonton, NJ. As you can see, with the average cost of living in Boonton, NJ being 135, that puts it 3% higher than the average of New Jersey and 35% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Boonton, NJ, the price of goods and services are 3% lower than the average of New Jersey as well as 15% higher than the nation's average.

Did you know?

  • The cost of living in Boonton is 3% higher than the New Jersey average.
  • The cost of living in Boonton is 35% higher than the national average.
  • The cost of housing in Boonton is 94% higher than the national average.
  • New Jersey general sales tax is 37% higher than the national average.
  • New Jersey state income tax is 37% lower than the national average.

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Compare Boonton, NJ Cost of living To Other Cities

Salary Calculator

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Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Boonton, NJ to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Boonton, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Boonton, NJ salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$103,375$8,615$2,412$3,102
Renters$61,847$5,154$1,443$1,856
One can approximate the cost of living and the housing affordability in Boonton, NJ by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Boonton, NJ have a median income of $103,375. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,412 per month to avoid calamity and poverty. The renters in the city have an income of about $61,847, which would make their monthly maximum allowable rental costs $1,443.

New Jersey Sales Tax

StateGeneral Sales TaxWith Max Surtax
New Jersey7%7%

New Jersey Income Tax

StateIncome Tax (Low)Income Tax (High)
New Jersey1.4%8.97%
When considering the overall cost of living expenses in Boonton, NJ, it's important to take into account the sales tax for New Jersey, as well as the rate for income tax in New Jersey. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for New Jersey is 7%, and the sales tax in the state of New Jersey is 7%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in New Jersey starts from 1.4% and goes up to 8.97%.

Goods & Services

ItemBoontonNational avg.Difference
Haircut $19.00$14.5930.2%
Beauty Salon $33.75$34.682.7%
Toothpaste $2.29$2.477.4%
Shampoo $1.00$1.022.2%
Movie $11.70$9.8718.6%
Bowling $4.55$4.393.6%

Groceries

ItemBoontonNational avg.Difference
Ground Beef $4.39$4.481.9%
Fried Chicken $1.99$1.4635.9%
Milk $2.77$2.3617.5%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $9.19$8.636.5%

Health Care

ItemBoontonNational avg.Difference
Optometrist $91.25$99.788.5%
Doctor $90.00$105.0314.3%
Dentist $107.25$88.7020.9%
Ibuprofen $9.49$9.410.8%
Lipitor $341.01$298.5014.2%

Housing

ItemBoontonNational avg.Difference
Home Price $386,100.00$175,700.00119.7%
Avg. Mortgage Payment $1,790.20$1,081.0365.6%
Apartment Rent $1,241.00$920.0034.9%

Transportation

ItemBoontonNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $59.16$45.2930.6%

Utilities

ItemBoontonNational avg.Difference
All Electricity$159.41$170.806.7%
Phone $29.75$28.265.3%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Byram Center, NJ501099%
Victory Gardens, NJ1,64611212%
East Orange, NJ64,53811313%
Franklin, NJ4,99411313%
Newark, NJ278,75011414%
Boonton, NJ8,42413535%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Pleasant View, UT8,42611212%
Corrales, NM8,42613030%
White Horse, NJ8,42211616%
Fruitvale, CO8,4221011%
Murphy, MO8,41894-6%
Boonton, NJ8,42413535%
Source: The Boonton, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.