Morris Plains 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.
IndexMorris PlainsNew JerseyNational
Cost of living index150127100
IndexMorris PlainsNew JerseyNational
Goods & Services index116114100
Groceries index105104100
Health care index97100100
Housing index243166100
Transportation index107107100
Utilities index113110100
Displayed above is a general overview of the Morris Plains, NJ cost of living index. The overall cost of living index in Morris Plains, NJ is 150, which is 19% higher than the New Jersey average and 50% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Morris Plains, NJ are 1% higher than the New Jersey average and 16% higher than the national average.

Did you know?

  • The cost of living in Morris Plains is 19% higher than the New Jersey average.
  • The cost of living in Morris Plains is 50% higher than the national average.
  • The cost of housing in Morris Plains is 143% 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 Morris Plains, NJ Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Morris Plains, NJ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Morris Plains, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Morris Plains, NJ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$129,444$10,787$3,020$3,884
Renters$55,833$4,653$1,303$1,675
If you want to find a good determining factor for the cost of living and the general affordability of housing in Morris Plains, NJ, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Morris Plains, NJ, the median monthly income is $129,444 for those who own their own homes. Under the standard rule, that income level would allow for $3,020 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $55,833, per the median income in the area. That would allow for renters to spend up to $1,303 on monthly rental expenses.

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 Morris Plains, 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

ItemMorris PlainsNational avg.Difference
Haircut $19.93$15.5628.1%
Beauty Salon $33.60$36.116.9%
Toothpaste $2.13$2.4714.0%
Shampoo $0.98$0.961.2%
Movie $12.17$10.1320.1%
Bowling $4.51$4.744.8%

Groceries

ItemMorris PlainsNational avg.Difference
Ground Beef $3.71$3.986.9%
Fried Chicken $1.53$1.418.7%
Milk $2.36$2.0614.5%
Potatoes $2.82$2.985.3%
Pizza $8.16$9.4713.8%
Beer $8.79$8.790.0%

Health Care

ItemMorris PlainsNational avg.Difference
Optometrist $97.00$101.044.0%
Doctor $88.67$107.4417.5%
Dentist $100.22$90.4210.8%
Ibuprofen $8.82$9.284.9%
Lipitor $392.56$426.508.0%

Housing

ItemMorris PlainsNational avg.Difference
Home Price $470,200.00$175,700.00167.6%
Avg. Mortgage Payment $1,696.27$1,133.2349.7%
Apartment Rent $1,696.00$920.0084.3%

Transportation

ItemMorris PlainsNational avg.Difference
Gasoline $1.93$1.993.0%
Tire Balancing $58.47$45.7627.8%

Utilities

ItemMorris PlainsNational avg.Difference
All Electricity$178.78$163.819.1%
Phone $33.50$28.3918.0%
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.
Byram Center, NJ501099%
Victory Gardens, NJ1,64611212%
East Orange, NJ64,53811313%
Roselle, NJ21,34811515%
Newton, NJ7,99911414%
Morris Plains, NJ5,63515050%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
James City, NC5,63597-3%
Marksville, LA5,63591-9%
Carterville, IL5,63586-14%
Portland, CT5,63412121%
Exeter, PA5,63392-8%
Morris Plains, NJ5,63515050%
Source: The Morris Plains, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.