Bound Brook 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.
IndexBound BrookNew JerseyNational
Cost of living index120125100
IndexBound BrookNew JerseyNational
Goods & Services index111112100
Groceries index104105100
Health care index107104100
Housing index143158100
Transportation index111112100
Utilities index115115100
A general overview of the cost of living index for Bound Brook, NJ is displayed above. In Bound Brook, NJ, the overall cost of living index is 120, which is 4% lower than the New Jersey average and 20% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Bound Brook, NJ, the city's goods and services are 1% lower than the New Jersey average and 11% higher than the U.S. average.

Did you know?

  • The cost of living in Bound Brook is 4% lower than the New Jersey average.
  • The cost of living in Bound Brook is 20% higher than the national average.
  • The cost of housing in Bound Brook is 43% higher than the national average.
  • New Jersey general sales tax is 30% higher than the national average.
  • New Jersey state income tax is 37% lower than the national average.

Find Real Estate Listings In Bound Brook

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Bound Brook

Compare Bound Brook, NJ Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current salary in Bound Brook, NJ to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Bound Brook, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Bound Brook, NJ salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$86,250$7,188$2,012$2,588
Renters$49,063$4,089$1,145$1,472
If you want to find a good determining factor for the cost of living and the general affordability of housing in Bound Brook, NJ, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Bound Brook, NJ, the median monthly income is $86,250 for those who own their own homes. Under the standard rule, that income level would allow for $2,012 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $49,063, per the median income in the area. That would allow for renters to spend up to $1,145 on monthly rental expenses.

New Jersey Sales Tax

StateGeneral Sales TaxWith Max Surtax
New Jersey6.625%12.875%

New Jersey Income Tax

StateIncome Tax (Low)Income Tax (High)
New Jersey1.4%8.97%
One thing to keep in mind when considering the cost of living in Bound Brook, NJ is the New Jersey sales tax and New Jersey income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New Jersey sales tax rate is 6.625% and the maximum surtax that can be charged is 12.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

ItemBound BrookNational avg.Difference
Haircut $19.00$16.0918.1%
Beauty Salon $36.33$37.332.7%
Toothpaste $2.12$2.4513.2%
Shampoo $1.06$1.005.9%
Movie $11.68$10.2813.6%
Bowling $4.98$4.931.0%

Groceries

ItemBound BrookNational avg.Difference
Ground Beef $3.45$3.809.4%
Fried Chicken $1.47$1.405.0%
Milk $2.24$2.0111.4%
Potatoes $2.99$3.010.7%
Pizza $8.59$9.8913.1%
Beer $9.46$8.906.3%

Health Care

ItemBound BrookNational avg.Difference
Optometrist $108.67$102.166.4%
Doctor $93.87$108.3613.4%
Dentist $115.62$92.5325.0%
Ibuprofen $8.39$9.289.6%
Lipitor $465.46$425.829.3%

Housing

ItemBound BrookNational avg.Difference
Home Price $275,700.00$184,700.0049.3%
Avg. Mortgage Payment $1,644.65$1,202.4436.8%
Apartment Rent $1,214.00$949.0027.9%

Transportation

ItemBound BrookNational avg.Difference
Gasoline $2.36$2.245.0%
Tire Balancing $57.32$46.2923.8%

Utilities

ItemBound BrookNational avg.Difference
All Electricity$188.22$165.9613.4%
Phone $33.50$28.6816.8%
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.
Zarephath, NJ811010%
Roselle, NJ21,50711111%
Plainfield, NJ50,57811515%
Perth Amboy, NJ52,26511616%
South Bound Brook, NJ4,61311717%
Bound Brook, NJ10,51212020%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Ventnor City, NJ10,50512222%
Morro Bay, CA10,51914747%
Exeter, CA10,5041066%
Harrison, OH10,52292-8%
Kennett, MO10,50077-23%
Bound Brook, NJ10,51212020%
Source: The Bound Brook, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.