F
28%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
78%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Garfield New Jersey National
Cost of living128121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing178158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Garfield, NJ

The cost of living in Garfield affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Garfield is 128, which is 28% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Garfield is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Garfield falls into this category, which may not align with your goal of finding a budget-friendly living environment.

When it comes to the cost of living in Garfield, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 78.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Garfield Affordable?

Wondering if Garfield is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Garfield, for example, the median home price is 93.3% higher than what folks pay nationally, and monthly rent is 42.8% higher than the usual rates. Plus, income levels matter too, with Garfield boasting a median household income of $64,242, which is 16.1% higher than the national average.

What Factors can Influence the Cost of Living in Garfield?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Garfield, the housing index is 78.1% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Garfield comes in at 10.7% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Garfield, the transportation index is 8.3% higher than the national average.

Where is the Data From?

The cost of living in Garfield, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Garfield is 6% higher than the New Jersey average
  • The cost of living in Garfield is 28% higher than the national average
  • Garfield housing is 78% higher than the national average
  • New Jersey general sales tax is 30% higher than the national average
  • New Jersey state income tax is 38% lower than the national average

Most Affordable Places to Live in and Around Garfield

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Compare Garfield, NJ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$81,645$6,804$1,905$2,450
      Renters$53,310$4,443$1,244$1,599
      A good way to judge both the affordability of the housing and the cost of living in Garfield is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Garfield has a median income of about $81,645 for people who own homes. Based on that number, a maximum of $1,905 should be spent on expenses related to housing. Renters have a slightly different median income, which is $53,310. Based on this average, renters should spend no more than $1,244 on all rental costs if they want to maintain a non-impoverished standard of living.

      New Jersey Sales Tax

      State General Sales Tax With Max Surtax
      New Jersey 6.625% 12.625%

      New Jersey Income Tax

      State Income Tax (Low) Income Tax (High)
      New Jersey 1.4% 10.75%

      Goods & Services

      Item Garfield National avg. Difference
      Haircut $25.62$24.265.6%
      Beauty Salon $41.67$45.568.6%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.48$1.2815.6%
      Movie $15.78$12.1330.1%
      Bowling $21.00$18.0016.7%

      Groceries

      Item Garfield National avg. Difference
      Ground Beef $5.65$5.843.3%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.71$4.670.7%
      Potatoes $5.37$4.938.8%
      Pizza $11.49$12.094.9%
      Beer $11.33$10.418.8%

      Health Care

      Item Garfield National avg. Difference
      Optometrist $157.11$125.6825.0%
      Doctor $115.59$135.7814.9%
      Dentist $124.27$113.299.7%
      Ibuprofen $11.15$10.654.6%
      Lipitor $451.73$468.603.6%

      Housing

      Item Garfield National avg. Difference
      Home Price $357,000.00$184,700.0093.3%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,355.00$949.0042.8%

      Transportation

      Item Garfield National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $82.67$59.9238.0%

      Utilities

      Item Garfield National avg. Difference
      All Electricity $236.04$193.9921.7%
      Phone $186.61$192.252.9%
      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 Population Cost of Living Index National Avg.
      East Orange, NJ64,65011111.1%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Paterson, NJ145,48411515.3%
      Elizabeth, NJ128,48411919.0%
      Garfield, NJ31,72212827.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Marrero, LA31,751936.8%
      Savage, MN31,75811717.5%
      Southlake, TX31,68416564.9%
      Liberty, MO31,761973.4%
      Harker Heights, TX31,657972.9%
      Garfield, NJ31,72212827.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.