Cresskill 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.
IndexCresskillNew JerseyNational
Cost of living index157127100
IndexCresskillNew JerseyNational
Goods & Services index114114100
Groceries index106104100
Health care index100100100
Housing index266166100
Transportation index107107100
Utilities index109110100
An overview of the general cost of living index for Cresskill, NJ is displayed above for your reference. Residents in Cresskill, NJ enjoy a cost of living index of 157. This index is 24% higher than the New Jersey average, and 57% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Cresskill, NJ, the average cost of goods and services is equal to it is in New Jersey, and it is 14% higher than the national average.

Did you know?

  • The cost of living in Cresskill is 24% higher than the New Jersey average.
  • The cost of living in Cresskill is 57% higher than the national average.
  • The cost of housing in Cresskill is 166% 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 Cresskill, NJ Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Cresskill, NJ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Cresskill, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Cresskill, NJ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$102,470$8,539$2,391$3,074
Renters$53,750$4,479$1,254$1,613
If you want to find a good determining factor for the cost of living and the general affordability of housing in Cresskill, 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 Cresskill, NJ, the median monthly income is $102,470 for those who own their own homes. Under the standard rule, that income level would allow for $2,391 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $53,750, per the median income in the area. That would allow for renters to spend up to $1,254 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%
One thing to keep in mind when considering the cost of living in Cresskill, 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 7% and the maximum surtax that can be charged is 7%. 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

ItemCresskillNational avg.Difference
Haircut $21.07$15.5635.3%
Beauty Salon $37.27$36.113.2%
Toothpaste $2.00$2.4719.2%
Shampoo $0.99$0.962.6%
Movie $12.15$10.1320.0%
Bowling $4.22$4.7411.0%

Groceries

ItemCresskillNational avg.Difference
Ground Beef $3.70$3.987.2%
Fried Chicken $1.60$1.4113.9%
Milk $2.41$2.0616.8%
Potatoes $2.72$2.988.7%
Pizza $8.23$9.4713.1%
Beer $8.92$8.791.5%

Health Care

ItemCresskillNational avg.Difference
Optometrist $114.67$101.0413.5%
Doctor $97.00$107.449.7%
Dentist $100.58$90.4211.2%
Ibuprofen $8.64$9.286.9%
Lipitor $377.50$426.5011.5%

Housing

ItemCresskillNational avg.Difference
Home Price $522,700.00$175,700.00197.5%
Avg. Mortgage Payment $1,788.76$1,133.2357.8%
Apartment Rent $1,778.00$920.0093.3%

Transportation

ItemCresskillNational avg.Difference
Gasoline $1.95$1.992.3%
Tire Balancing $58.03$45.7626.8%

Utilities

ItemCresskillNational avg.Difference
All Electricity$168.80$163.813.0%
Phone $33.50$28.3918.0%
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.
Greenville, NY5731033%
East Orange, NJ64,53811313%
Newark, NJ278,75011515%
Silver Lake, NJ3,59411919%
Paterson, NJ146,34111919%
Cresskill, NJ8,66915757%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Virginia, MN8,67186-14%
Stone Ridge, VA8,66714040%
Clanton, AL8,67285-15%
Bradford, PA8,66577-23%
Edgewood, KY8,6651000%
Cresskill, NJ8,66915757%
Source: The Cresskill, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.