Fanwood 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.
IndexFanwoodNew JerseyNational
Cost of living index138131100
IndexFanwoodNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index206166100
Transportation index111118100
Utilities index97110100
Displayed above is a general overview of the Fanwood, NJ cost of living index. The overall cost of living index in Fanwood, NJ is 138, which is 6% higher than the New Jersey average and 38% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Fanwood, NJ are 5% lower than the New Jersey average and 12% higher than the national average.

Did you know?

  • The cost of living in Fanwood is 6% higher than the New Jersey average.
  • The cost of living in Fanwood is 38% higher than the national average.
  • The cost of housing in Fanwood is 106% 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 Fanwood, 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 Fanwood, 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 Fanwood, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Fanwood, 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$124,042$10,337$2,894$3,722
Renters$51,667$4,306$1,205$1,550
The affordability of the housing market in Fanwood, NJ as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Fanwood, NJ homeowners, the median income is $124,042. This indicates that a monthly maximum of $2,894 should be spent by homeowners on all housing related costs. Renters have a median income of $51,667. This indicates that renters should have a maximum of $1,205 used for their rent related monthly costs.

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 you are determining the total cost of living in Fanwood, NJ you will want to make sure you consider both the New Jersey sales tax and the New Jersey income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in New Jersey is 7%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in New Jersey have a range from 1.4% to 8.97%.

Goods & Services

ItemFanwoodNational 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

ItemFanwoodNational 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

ItemFanwoodNational 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

ItemFanwoodNational avg.Difference
Home Price $399,500.00$175,700.00127.4%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $1,446.00$920.0057.2%

Transportation

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

Utilities

ItemFanwoodNational 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.
Zarephath, NJ01099%
East Orange, NJ64,53811313%
Keansburg, NJ10,01113333%
Newark, NJ278,75011414%
Roselle, NJ21,34811414%
Fanwood, NJ7,47513838%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Aurora, MO7,47584-16%
Sound Beach, NY7,48013434%
Bastrop, TX7,46995-5%
Centerville, GA7,46893-7%
Applewood, CO7,46712424%
Fanwood, NJ7,47513838%
Source: The Fanwood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.