An Overview of Cost of Living in Little Ferry, NJ
Knowing the cost of living in Little Ferry allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Little Ferry stands at 138, marking it 38% higher than the national average.
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 Little Ferry 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, Little Ferry 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 Little Ferry, 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 82.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Little Ferry, you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Little Ferry does not fare better, with grocery expenses coming in at 13.4% higher than the national average.
Is Little Ferry Affordable?
Is Little Ferry affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Little Ferry, the median home price is 97% higher than the national average and monthly rent prices are 48.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Little Ferry boasting a median household income of $69,224, 25.1% higher than the national average.
What Factors can Influence the Cost of Living in Little Ferry?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Little Ferry, the transportation index is 15.2% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Little Ferry, healthcare costs are 20.6% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Little Ferry, is 82.4% higher than the national average.
Where is the Data From?
The cost of living data in Little Ferry displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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