Moorestown-Lenola 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.
IndexMoorestown-LenolaNew JerseyNational
Cost of living index140131100
IndexMoorestown-LenolaNew JerseyNational
Goods & Services index115118100
Groceries index117116100
Health care index99111100
Housing index196166100
Transportation index117118100
Utilities index121110100
Here we can see a simple outline of the cost of living in Moorestown-Lenola, NJ. As you can see, with the average cost of living in Moorestown-Lenola, NJ being 140, that puts it 6% higher than the average of New Jersey and 40% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Moorestown-Lenola, NJ, the price of goods and services are 3% lower than the average of New Jersey as well as 15% higher than the nation's average.

Did you know?

  • The cost of living in Moorestown-Lenola is 6% higher than the New Jersey average.
  • The cost of living in Moorestown-Lenola is 40% higher than the national average.
  • The cost of housing in Moorestown-Lenola is 96% 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 Moorestown-Lenola, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Moorestown-Lenola, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Moorestown-Lenola, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Moorestown-Lenola, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$122,303$10,192$2,854$3,669
Renters$53,750$4,479$1,254$1,613
The affordability of the housing market in Moorestown-Lenola, 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 Moorestown-Lenola, NJ homeowners, the median income is $122,303. This indicates that a monthly maximum of $2,854 should be spent by homeowners on all housing related costs. Renters have a median income of $53,750. This indicates that renters should have a maximum of $1,254 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 Moorestown-Lenola, 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

ItemMoorestown-LenolaNational 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

ItemMoorestown-LenolaNational 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

ItemMoorestown-LenolaNational 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

ItemMoorestown-LenolaNational avg.Difference
Home Price $396,200.00$175,700.00125.5%
Avg. Mortgage Payment $1,419.25$1,081.0331.3%
Apartment Rent $1,167.00$920.0026.8%

Transportation

ItemMoorestown-LenolaNational avg.Difference
Gasoline $2.46$2.0917.6%
Tire Balancing $52.00$45.2914.8%

Utilities

ItemMoorestown-LenolaNational 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.
Pine Valley, NJ211515%
Tavistock, NJ911515%
Arcadia University, PA62311515%
Audubon Park, NJ1,05196-4%
Camden, NJ77,294100-0%
Moorestown-Lenola, NJ14,43614040%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Harrison, NJ14,43612424%
Beacon, NY14,43712424%
Druid Hills, GA14,43913939%
Hawaiian Gardens, CA14,43211717%
Lindenhurst, IL14,41211212%
Moorestown-Lenola, NJ14,43614040%
Source: The Moorestown-Lenola, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.