Forked River 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.
IndexForked RiverNew JerseyNational
Cost of living index124131100
IndexForked RiverNew JerseyNational
Goods & Services index115118100
Groceries index117116100
Health care index99111100
Housing index142166100
Transportation index117118100
Utilities index121110100
Displayed above is a general overview of the Forked River, NJ cost of living index. The overall cost of living index in Forked River, NJ is 124, which is 6% lower than the New Jersey average and 24% 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 Forked River, NJ are 3% lower than the New Jersey average and 15% higher than the national average.

Did you know?

  • The cost of living in Forked River is 6% lower than the New Jersey average.
  • The cost of living in Forked River is 24% higher than the national average.
  • The cost of housing in Forked River is 42% 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 Forked River, 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 Forked River, 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 Forked River, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Forked River, 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$76,250$6,354$1,779$2,288
Renters$33,203$2,767$775$996
The affordability of the housing market in Forked River, 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 Forked River, NJ homeowners, the median income is $76,250. This indicates that a monthly maximum of $1,779 should be spent by homeowners on all housing related costs. Renters have a median income of $33,203. This indicates that renters should have a maximum of $775 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 assessing the complete cost of living in Forked River, NJ, the New Jersey income tax and the New Jersey sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The New Jersey maximum surtax is 7%, and the New Jersey sales tax is 7%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 1.4% to 8.97% in New Jersey.

Goods & Services

ItemForked RiverNational avg.Difference
Haircut $17.50$14.5919.9%
Beauty Salon $52.00$34.6849.9%
Toothpaste $2.36$2.474.6%
Shampoo $0.99$1.023.1%
Movie $10.75$9.878.9%
Bowling $5.04$4.3914.8%

Groceries

ItemForked RiverNational avg.Difference
Ground Beef $4.74$4.485.9%
Fried Chicken $1.69$1.4615.4%
Milk $2.25$2.364.5%
Potatoes $3.49$3.0614.0%
Pizza $10.74$9.2416.2%
Beer $8.39$8.632.8%

Health Care

ItemForked RiverNational avg.Difference
Optometrist $106.00$99.786.2%
Doctor $118.75$105.0313.1%
Dentist $95.00$88.707.1%
Ibuprofen $9.89$9.415.1%
Lipitor $200.00$298.5033.0%

Housing

ItemForked RiverNational avg.Difference
Home Price $261,900.00$175,700.0049.1%
Avg. Mortgage Payment $1,419.25$1,081.0331.3%
Apartment Rent $1,169.00$920.0027.1%

Transportation

ItemForked RiverNational avg.Difference
Gasoline $2.46$2.0917.6%
Tire Balancing $52.00$45.2914.8%

Utilities

ItemForked RiverNational avg.Difference
All Electricity$186.98$170.809.5%
Phone $38.50$28.2636.3%
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.
Cedar Glen West, NJ95583-17%
Cedar Glen Lakes, NJ1,52792-8%
Pine Ridge at Crestwood, NJ2,23992-8%
Crestwood Village, NJ7,70397-3%
Silver Ridge, NJ1,44798-2%
Forked River, NJ5,19912424%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Hingham, MA5,19918787%
Ocean Bluff-Brant Rock, MA5,19814444%
Mascotte, FL5,19791-9%
Gray, LA5,20284-16%
Cherokee, IA5,20380-20%
Forked River, NJ5,19912424%
Source: The Forked River, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.