Budd Lake 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.
IndexBudd LakeNew JerseyNational
Cost of living index123131100
IndexBudd LakeNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index156166100
Transportation index111118100
Utilities index97110100
Here we can see a simple outline of the cost of living in Budd Lake, NJ. As you can see, with the average cost of living in Budd Lake, NJ being 123, that puts it 6% lower than the average of New Jersey and 23% 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 Budd Lake, NJ, the price of goods and services are 5% lower than the average of New Jersey as well as 12% higher than the nation's average.

Did you know?

  • The cost of living in Budd Lake is 6% lower than the New Jersey average.
  • The cost of living in Budd Lake is 23% higher than the national average.
  • The cost of housing in Budd Lake is 56% 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.

Find Real Estate Listings In Budd Lake

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Budd Lake

Compare Budd Lake, 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 income in Budd Lake, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Budd Lake, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Budd Lake, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$130,096$10,841$3,035$3,903
Renters$44,531$3,711$1,039$1,336
If you want to find a good determining factor for the cost of living and the general affordability of housing in Budd Lake, 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 Budd Lake, NJ, the median monthly income is $130,096 for those who own their own homes. Under the standard rule, that income level would allow for $3,035 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $44,531, per the median income in the area. That would allow for renters to spend up to $1,039 on monthly rental expenses.

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%
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Budd Lake, NJ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Jersey sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

ItemBudd LakeNational avg.Difference
Haircut $18.00$14.5923.3%
Beauty Salon $32.75$34.685.6%
Toothpaste $1.99$2.4719.5%
Shampoo $1.08$1.025.7%
Movie $11.70$9.8718.6%
Bowling $4.72$4.397.5%

Groceries

ItemBudd LakeNational avg.Difference
Ground Beef $4.44$4.480.8%
Fried Chicken $1.97$1.4634.6%
Milk $2.57$2.369.1%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $8.79$8.631.8%

Health Care

ItemBudd LakeNational avg.Difference
Optometrist $102.25$99.782.5%
Doctor $86.25$105.0317.9%
Dentist $119.50$88.7034.7%
Ibuprofen $10.32$9.419.6%
Lipitor $351.24$298.5017.7%

Housing

ItemBudd LakeNational avg.Difference
Home Price $316,600.00$175,700.0080.2%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $925.00$920.000.5%

Transportation

ItemBudd LakeNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $58.80$45.2929.8%

Utilities

ItemBudd LakeNational avg.Difference
All Electricity$155.83$170.808.8%
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%
Bridgeville, NJ991099%
Allamuchy, NJ1001099%
Port Murray, NJ901099%
Oxford, NJ1,0821044%
Budd Lake, NJ8,23412323%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Pewaukee village, WI8,2331011%
Breaux Bridge, LA8,23287-13%
Latrobe, PA8,23791-9%
Arab, AL8,24193-7%
Gateway, FL8,22611313%
Budd Lake, NJ8,23412323%
Source: The Budd Lake, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.