Lake Mohawk 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.
IndexLake MohawkNew JerseyNational
Cost of living index126125100
IndexLake MohawkNew JerseyNational
Goods & Services index111112100
Groceries index104105100
Health care index107104100
Housing index162158100
Transportation index111112100
Utilities index115115100
An overview of the general cost of living index for Lake Mohawk, NJ is displayed above for your reference. Residents in Lake Mohawk, NJ enjoy a cost of living index of 126. This index is 1% higher than the New Jersey average, and 26% 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 Lake Mohawk, NJ, the average cost of goods and services is 1% lower than it is in New Jersey, and it is 11% higher than the national average.

Did you know?

  • The cost of living in Lake Mohawk is 1% higher than the New Jersey average.
  • The cost of living in Lake Mohawk is 26% higher than the national average.
  • The cost of housing in Lake Mohawk is 62% higher than the national average.
  • New Jersey general sales tax is 30% higher than the national average.
  • New Jersey state income tax is 37% lower than the national average.

Find Real Estate Listings In Lake Mohawk

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Lake Mohawk

Compare Lake Mohawk, NJ Cost of living To Other Cities

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
The salary calculator is meant to help you compare your salary in Lake Mohawk, NJ to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Lake Mohawk, NJ, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Lake Mohawk, NJ salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$129,410$10,784$3,019$3,883
Renters$33,214$2,768$775$997
The affordability of the housing market in Lake Mohawk, 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 Lake Mohawk, NJ homeowners, the median income is $129,410. This indicates that a monthly maximum of $3,019 should be spent by homeowners on all housing related costs. Renters have a median income of $33,214. 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 Jersey6.625%12.875%

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 Lake Mohawk, 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 6.625% and the maximum surtax is 12.875%. 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

ItemLake MohawkNational avg.Difference
Haircut $19.00$16.0918.1%
Beauty Salon $36.33$37.332.7%
Toothpaste $2.12$2.4513.2%
Shampoo $1.06$1.005.9%
Movie $11.68$10.2813.6%
Bowling $4.98$4.931.0%

Groceries

ItemLake MohawkNational avg.Difference
Ground Beef $3.45$3.809.4%
Fried Chicken $1.47$1.405.0%
Milk $2.24$2.0111.4%
Potatoes $2.99$3.010.7%
Pizza $8.59$9.8913.1%
Beer $9.46$8.906.3%

Health Care

ItemLake MohawkNational avg.Difference
Optometrist $108.67$102.166.4%
Doctor $93.87$108.3613.4%
Dentist $115.62$92.5325.0%
Ibuprofen $8.39$9.289.6%
Lipitor $465.46$425.829.3%

Housing

ItemLake MohawkNational avg.Difference
Home Price $343,500.00$184,700.0086.0%
Avg. Mortgage Payment $1,644.65$1,202.4436.8%
Apartment Rent $1,012.00$949.006.6%

Transportation

ItemLake MohawkNational avg.Difference
Gasoline $2.36$2.245.0%
Tire Balancing $57.32$46.2923.8%

Utilities

ItemLake MohawkNational avg.Difference
All Electricity$188.22$165.9613.4%
Phone $33.50$28.6816.8%
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.
Ross Corner, NJ5811111%
Byram Center, NJ5011010%
Allamuchy, NJ15311010%
Vernon Center, NJ1,8871088%
Victory Gardens, NJ1,6231088%
Lake Mohawk, NJ9,43212626%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Woodlyn, PA9,4341088%
Rensselaer, NY9,43596-4%
Clinton, OK9,43685-15%
Dayton, NV9,4371022%
Valley, AL9,43984-16%
Lake Mohawk, NJ9,43212626%
Source: The Lake Mohawk, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.