Freehold 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.
IndexFreeholdNew JerseyNational
Cost of living index122131100
IndexFreeholdNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index152166100
Transportation index111118100
Utilities index97110100
Displayed above is a general overview of the Freehold, NJ cost of living index. The overall cost of living index in Freehold, NJ is 122, which is 7% lower than the New Jersey average and 22% 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 Freehold, NJ are 5% lower than the New Jersey average and 12% higher than the national average.

Did you know?

  • The cost of living in Freehold is 7% lower than the New Jersey average.
  • The cost of living in Freehold is 22% higher than the national average.
  • The cost of housing in Freehold is 52% 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 Freehold, NJ Cost of living To Other Cities

Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Freehold, NJ to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Freehold, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Freehold, NJ salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$82,803$6,900$1,932$2,484
Renters$35,479$2,957$828$1,064
One can approximate the cost of living and the housing affordability in Freehold, 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 Freehold, NJ have a median income of $82,803. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,932 per month to avoid calamity and poverty. The renters in the city have an income of about $35,479, which would make their monthly maximum allowable rental costs $828.

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 Freehold, 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

ItemFreeholdNational 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

ItemFreeholdNational 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

ItemFreeholdNational 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

ItemFreeholdNational avg.Difference
Home Price $277,100.00$175,700.0057.7%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $1,275.00$920.0038.6%

Transportation

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

Utilities

ItemFreeholdNational 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.
Cedar Glen West, NJ95583-17%
Leisure Village, NJ4,20198-2%
Rossmoor, NJ2,81498-2%
Leisure Village West, NJ3,2911000%
Leisure Knoll, NJ2,4531066%
Freehold, NJ12,01812222%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Maryville, MO12,01887-13%
Holiday City-Berkeley, NJ12,0131044%
Powell, OH12,01212424%
Pontiac, IL12,01287-13%
Bensville, MD12,02413333%
Freehold, NJ12,01812222%
Source: The Freehold, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.