Fords 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.
IndexFordsNew JerseyNational
Cost of living index123131100
IndexFordsNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index156166100
Transportation index111118100
Utilities index97110100
An overview of the general cost of living index for Fords, NJ is displayed above for your reference. Residents in Fords, NJ enjoy a cost of living index of 123. This index is 6% lower than the New Jersey average, and 23% 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 Fords, NJ, the average cost of goods and services is 5% lower than it is in New Jersey, and it is 12% higher than the national average.

Did you know?

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

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Compare Fords, 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 Fords, 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 Fords, NJ, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Fords, 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$91,071$7,589$2,125$2,732
Renters$49,844$4,154$1,163$1,495
If you want to find a good determining factor for the cost of living and the general affordability of housing in Fords, 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 Fords, NJ, the median monthly income is $91,071 for those who own their own homes. Under the standard rule, that income level would allow for $2,125 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $49,844, per the median income in the area. That would allow for renters to spend up to $1,163 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%
For those who live in Fords, NJ and want to know what the true cost of living is, they ought to look at both the New Jersey income tax rate and the New Jersey sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Jersey, the sales tax is 7%, while the most you'll pay in surtax is 7%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Jersey, the income tax rate ranges between 1.4% to 8.97%.

Goods & Services

ItemFordsNational 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

ItemFordsNational 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

ItemFordsNational 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

ItemFordsNational avg.Difference
Home Price $295,100.00$175,700.0068.0%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $1,178.00$920.0028.0%

Transportation

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

Utilities

ItemFordsNational 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%
Rossmoor, NJ2,81498-2%
Keansburg, NJ10,01113333%
Newark, NJ278,75011414%
Roselle, NJ21,34811414%
Fords, NJ15,02812323%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Greeneville, TN15,01588-12%
Indianola, IA15,01490-10%
Tonawanda, NY15,04882-18%
Traverse City, MI15,00698-2%
River Falls, WI15,0501011%
Fords, NJ15,02812323%
Source: The Fords, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.