Midland Park 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.
IndexMidland ParkNew JerseyNational
Cost of living index145131100
IndexMidland ParkNew JerseyNational
Goods & Services index115118100
Groceries index106116100
Health care index107111100
Housing index228166100
Transportation index111118100
Utilities index98110100
An overview of the general cost of living index for Midland Park, NJ is displayed above for your reference. Residents in Midland Park, NJ enjoy a cost of living index of 145. This index is 11% higher than the New Jersey average, and 45% 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 Midland Park, NJ, the average cost of goods and services is 3% lower than it is in New Jersey, and it is 15% higher than the national average.

Did you know?

  • The cost of living in Midland Park is 11% higher than the New Jersey average.
  • The cost of living in Midland Park is 45% higher than the national average.
  • The cost of housing in Midland Park is 128% 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 Midland Park, 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 Midland Park, 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 Midland Park, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Midland Park, 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$121,473$10,123$2,834$3,645
Renters$62,852$5,238$1,466$1,886
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Midland Park, NJ, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Midland Park, NJ homeowners have a median income of $121,473. Using that number, you will come up with a maximum of $2,834 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $62,852, which means there is a maximum of $1,466 to be spent on the costs of renting a home or apartment.

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%
One thing to keep in mind when considering the cost of living in Midland Park, NJ is the New Jersey sales tax and New Jersey income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New Jersey sales tax rate is 7% and the maximum surtax that can be charged is 7%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

ItemMidland ParkNational avg.Difference
Haircut $19.00$14.5930.2%
Beauty Salon $33.75$34.682.7%
Toothpaste $2.29$2.477.4%
Shampoo $1.00$1.022.2%
Movie $11.70$9.8718.6%
Bowling $4.55$4.393.6%

Groceries

ItemMidland ParkNational avg.Difference
Ground Beef $4.39$4.481.9%
Fried Chicken $1.99$1.4635.9%
Milk $2.77$2.3617.5%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $9.19$8.636.5%

Health Care

ItemMidland ParkNational avg.Difference
Optometrist $91.25$99.788.5%
Doctor $90.00$105.0314.3%
Dentist $107.25$88.7020.9%
Ibuprofen $9.49$9.410.8%
Lipitor $341.01$298.5014.2%

Housing

ItemMidland ParkNational avg.Difference
Home Price $452,800.00$175,700.00157.7%
Avg. Mortgage Payment $1,790.20$1,081.0365.6%
Apartment Rent $1,452.00$920.0057.8%

Transportation

ItemMidland ParkNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $59.16$45.2930.6%

Utilities

ItemMidland ParkNational avg.Difference
All Electricity$159.41$170.806.7%
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.
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612828%
Haledon, NJ8,39712121%
Spring Valley, NY32,00712929%
Midland Park, NJ7,22914545%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Trumann, AR7,22279-21%
Sanger, TX7,23798-2%
Southgate, FL7,2201033%
Devils Lake, ND7,21886-14%
West Slope, OR7,24013737%
Midland Park, NJ7,22914545%
Source: The Midland Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.