Norwood 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.
IndexNorwoodNew JerseyNational
Cost of living index179131100
IndexNorwoodNew JerseyNational
Goods & Services index127118100
Groceries index132116100
Health care index115111100
Housing index297166100
Transportation index134118100
Utilities index133110100
The above illustration supplies generalized information for the Norwood, NJ cost of living index. Compared to other cities in New Jersey and cities across the country, the cost of living index in Norwood, NJ is 179, which is 37% higher than the New Jersey average and 79% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Norwood, NJ are 8% higher than the average for New Jersey and 27% higher than the rest of the country.

Did you know?

  • The cost of living in Norwood is 37% higher than the New Jersey average.
  • The cost of living in Norwood is 79% higher than the national average.
  • The cost of housing in Norwood is 197% 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.

Find Real Estate Listings In Norwood

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Norwood

Compare Norwood, NJ Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current salary in Norwood, NJ to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Norwood, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Norwood, NJ salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$108,875$9,073$2,540$3,267
Renters$70,000$5,833$1,633$2,100
The affordability of the housing market in Norwood, 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 Norwood, NJ homeowners, the median income is $108,875. This indicates that a monthly maximum of $2,540 should be spent by homeowners on all housing related costs. Renters have a median income of $70,000. This indicates that renters should have a maximum of $1,633 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%
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Norwood, NJ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Jersey sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

ItemNorwoodNational 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

ItemNorwoodNational 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

ItemNorwoodNational 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

ItemNorwoodNational avg.Difference
Home Price $616,600.00$175,700.00250.9%
Avg. Mortgage Payment $3,389.29$1,081.03213.5%
Apartment Rent $1,562.00$920.0069.8%

Transportation

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

Utilities

ItemNorwoodNational 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%
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612828%
Haledon, NJ8,39712121%
Norwood, NJ5,76917979%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Comstock Northwest, MI5,76987-13%
Holdenville, OK5,76873-27%
Lake Mills, WI5,76899-1%
Lucerne Valley, CA5,76796-4%
Belding, MI5,76484-16%
Norwood, NJ5,76917979%
Source: The Norwood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.