Elmwood Park 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.
IndexElmwood ParkNew JerseyNational
Cost of living index134131100
IndexElmwood ParkNew JerseyNational
Goods & Services index115118100
Groceries index106116100
Health care index107111100
Housing index189166100
Transportation index111118100
Utilities index98110100
Here we can see a simple outline of the cost of living in Elmwood Park, NJ. As you can see, with the average cost of living in Elmwood Park, NJ being 134, that puts it 2% higher than the average of New Jersey and 34% 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 Elmwood Park, 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 Elmwood Park is 2% higher than the New Jersey average.
  • The cost of living in Elmwood Park is 34% higher than the national average.
  • The cost of housing in Elmwood Park is 89% 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 Elmwood Park, 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
The salary calculator is meant to help you compare your salary in Elmwood Park, NJ to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Elmwood Park, NJ, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Elmwood Park, NJ salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Elmwood Park, 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 Elmwood Park, NJ, the median monthly income is $85,552 for those who own their own homes. Under the standard rule, that income level would allow for $1,996 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $45,767, per the median income in the area. That would allow for renters to spend up to $1,068 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 Elmwood Park, 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

ItemElmwood ParkNational 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%


ItemElmwood ParkNational 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

ItemElmwood ParkNational 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%


ItemElmwood ParkNational avg.Difference
Home Price $360,200.00$175,700.00105.0%
Avg. Mortgage Payment $1,790.20$1,081.0365.6%
Apartment Rent $1,410.00$920.0053.3%


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


ItemElmwood ParkNational 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.
East Orange, NJ64,53811313%
Newark, NJ278,75011414%
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Haledon, NJ8,39712121%
Elmwood Park, NJ19,92113434%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Dickinson, ND19,92099-1%
King of Prussia, PA19,91912727%
Evergreen Park, IL19,9241055%
Lake Ronkonkoma, NY19,93313939%
East Massapequa, NY19,89114848%
Elmwood Park, NJ19,92113434%
Source: The Elmwood Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.