Florham 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.
IndexFlorham ParkNew JerseyNational
Cost of living index170131100
IndexFlorham ParkNew JerseyNational
Goods & Services index115118100
Groceries index106116100
Health care index107111100
Housing index309166100
Transportation index111118100
Utilities index98110100
An overview of the general cost of living index for Florham Park, NJ is displayed above for your reference. Residents in Florham Park, NJ enjoy a cost of living index of 170. This index is 29% higher than the New Jersey average, and 70% 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 Florham Park, NJ, the average cost of goods and services is 3% lower than it is in New Jersey, and it is 15% higher than the national average.

Did you know?

  • The cost of living in Florham Park is 29% higher than the New Jersey average.
  • The cost of living in Florham Park is 70% higher than the national average.
  • The cost of housing in Florham Park is 209% 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 Florham Park, NJ Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Florham Park, NJ would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Florham Park, NJ, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Florham Park, NJ salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$114,657$9,555$2,675$3,440
Renters$81,597$6,800$1,904$2,448
One can approximate the cost of living and the housing affordability in Florham Park, NJ by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Florham Park, NJ have a median income of $114,657. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,675 per month to avoid calamity and poverty. The renters in the city have an income of about $81,597, which would make their monthly maximum allowable rental costs $1,904.

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 Florham Park, 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

ItemFlorham 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%

Groceries

ItemFlorham 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

ItemFlorham 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%

Housing

ItemFlorham ParkNational avg.Difference
Home Price $612,400.00$175,700.00248.5%
Avg. Mortgage Payment $1,790.20$1,081.0365.6%
Apartment Rent $2,001.00$920.00117.5%

Transportation

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

Utilities

ItemFlorham 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.
Victory Gardens, NJ1,64611212%
East Orange, NJ64,53811313%
Newark, NJ278,75011414%
Roselle, NJ21,34811414%
Plainfield, NJ50,42311717%
Florham Park, NJ11,82017070%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Franklin, OH11,81792-8%
Gladeview, FL11,82596-4%
Federal Heights, CO11,83583-17%
Half Moon Bay, CA11,80318484%
Jupiter Farms, FL11,80312929%
Florham Park, NJ11,82017070%
Source: The Florham 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.