Margate City 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.
IndexMargate CityNew JerseyNational
Cost of living index150131100
IndexMargate CityNew JerseyNational
Goods & Services index115118100
Groceries index117116100
Health care index99111100
Housing index230166100
Transportation index117118100
Utilities index121110100
A general summary of the cost of living index in Margate City, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Margate City, NJ is 150, which is 14% higher than the average in New Jersey and compared to the national average it is 50% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Margate City, NJ goods and services come in at 3% lower than the average in New Jersey and are 15% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Margate City is 14% higher than the New Jersey average.
  • The cost of living in Margate City is 50% higher than the national average.
  • The cost of housing in Margate City is 130% 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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Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Margate City, 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 Margate City, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Margate City, 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$86,094$7,175$2,009$2,583
Renters$45,669$3,806$1,066$1,370
The affordability of the housing market in Margate City, 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 Margate City, NJ homeowners, the median income is $86,094. This indicates that a monthly maximum of $2,009 should be spent by homeowners on all housing related costs. Renters have a median income of $45,669. This indicates that renters should have a maximum of $1,066 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 you are determining the total cost of living in Margate City, NJ you will want to make sure you consider both the New Jersey sales tax and the New Jersey income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in New Jersey is 7%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in New Jersey have a range from 1.4% to 8.97%.

Goods & Services

ItemMargate CityNational 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

ItemMargate CityNational 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

ItemMargate CityNational 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

ItemMargate CityNational avg.Difference
Home Price $484,500.00$175,700.00175.8%
Avg. Mortgage Payment $1,419.25$1,081.0331.3%
Apartment Rent $1,122.00$920.0022.0%

Transportation

ItemMargate CityNational avg.Difference
Gasoline $2.46$2.0917.6%
Tire Balancing $52.00$45.2914.8%

Utilities

ItemMargate CityNational 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.
Pleasantville, NJ20,43611010%
Egg Harbor City, NJ4,25311111%
Atlantic City, NJ39,52111313%
Mays Landing, NJ1,71411414%
Somers Point, NJ10,78311111%
Margate City, NJ6,34315050%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Jackson, OH6,34383-17%
Monroeville, AL6,34385-15%
Red Lion, PA6,34395-5%
Hampstead, MD6,3421055%
Columbiana, OH6,34183-17%
Margate City, NJ6,34315050%
Source: The Margate City, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.