Montvale 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.
IndexMontvaleNew JerseyNational
Cost of living index177131100
IndexMontvaleNew JerseyNational
Goods & Services index127118100
Groceries index132116100
Health care index115111100
Housing index290166100
Transportation index134118100
Utilities index133110100
An overview of the general cost of living index for Montvale, NJ is displayed above for your reference. Residents in Montvale, NJ enjoy a cost of living index of 177. This index is 35% higher than the New Jersey average, and 77% 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 Montvale, NJ, the average cost of goods and services is 8% higher than it is in New Jersey, and it is 27% higher than the national average.

Did you know?

  • The cost of living in Montvale is 35% higher than the New Jersey average.
  • The cost of living in Montvale is 77% higher than the national average.
  • The cost of housing in Montvale is 190% 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 Montvale, NJ Cost of living To Other Cities

Salary Calculator

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Groceries index
Health care index
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The salary calculator is meant to help you compare your salary in Montvale, 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 Montvale, NJ, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Montvale, 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$109,720$9,143$2,560$3,292
Renters$58,333$4,861$1,361$1,750
One can approximate the cost of living and the housing affordability in Montvale, NJ by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Montvale, NJ have a median income of $109,720. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,560 per month to avoid calamity and poverty. The renters in the city have an income of about $58,333, which would make their monthly maximum allowable rental costs $1,361.

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%
For those who live in Montvale, NJ and want to know what the true cost of living is, they ought to look at both the New Jersey income tax rate and the New Jersey sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Jersey, the sales tax is 7%, while the most you'll pay in surtax is 7%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Jersey, the income tax rate ranges between 1.4% to 8.97%.

Goods & Services

ItemMontvaleNational avg.Difference
Haircut $20.00$14.5937.0%
Beauty Salon $65.00$34.6887.4%
Toothpaste $3.89$2.4757.3%
Shampoo $0.99$1.023.1%
Movie $14.00$9.8741.9%
Bowling $12.00$4.39173.2%

Groceries

ItemMontvaleNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.94$1.4632.5%
Milk $1.96$2.3616.8%
Potatoes $4.89$3.0659.7%
Pizza $11.50$9.2424.4%
Beer $9.89$8.6314.6%

Health Care

ItemMontvaleNational avg.Difference
Optometrist $99.50$99.780.3%
Doctor $115.00$105.039.5%
Dentist $112.88$88.7027.3%
Ibuprofen $12.39$9.4131.6%
Lipitor $298.37$298.500.0%

Housing

ItemMontvaleNational avg.Difference
Home Price $589,500.00$175,700.00235.5%
Avg. Mortgage Payment $3,389.29$1,081.03213.5%
Apartment Rent $1,693.00$920.0084.0%

Transportation

ItemMontvaleNational avg.Difference
Gasoline $2.64$2.0926.2%
Tire Balancing $69.96$45.2954.5%

Utilities

ItemMontvaleNational avg.Difference
All Electricity$259.37$170.8051.9%
Phone $30.33$28.267.3%
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.
Greenville, NY5731044%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612828%
Haledon, NJ8,39712121%
Spring Valley, NY32,00712929%
Montvale, NJ8,00017777%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Newton, NJ7,99911414%
Sellersburg, IN8,00496-4%
Greenbriar, VA7,99413434%
McFarland, WI8,00911010%
Blair, NE7,99090-10%
Montvale, NJ8,00017777%
Source: The Montvale, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.