Palmyra 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.
IndexPalmyraNew JerseyNational
Cost of living index113131100
IndexPalmyraNew JerseyNational
Goods & Services index115118100
Groceries index117116100
Health care index99111100
Housing index108166100
Transportation index117118100
Utilities index121110100
The above illustration supplies generalized information for the Palmyra, NJ cost of living index. Compared to other cities in New Jersey and cities across the country, the cost of living index in Palmyra, NJ is 113, which is 14% lower than the New Jersey average and 13% 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 Palmyra, NJ are 3% lower than the average for New Jersey and 15% higher than the rest of the country.

Did you know?

  • The cost of living in Palmyra is 14% lower than the New Jersey average.
  • The cost of living in Palmyra is 13% higher than the national average.
  • The cost of housing in Palmyra is 8% 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 Palmyra, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Palmyra, 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 Palmyra, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Palmyra, 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$73,762$6,147$1,721$2,213
Renters$34,274$2,856$800$1,028
If you want to find a good determining factor for the cost of living and the general affordability of housing in Palmyra, 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 Palmyra, NJ, the median monthly income is $73,762 for those who own their own homes. Under the standard rule, that income level would allow for $1,721 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $34,274, per the median income in the area. That would allow for renters to spend up to $800 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%
One thing to keep in mind when considering the cost of living in Palmyra, 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

ItemPalmyraNational 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

ItemPalmyraNational 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

ItemPalmyraNational 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

ItemPalmyraNational avg.Difference
Home Price $176,500.00$175,700.000.5%
Avg. Mortgage Payment $1,419.25$1,081.0331.3%
Apartment Rent $1,157.00$920.0025.8%

Transportation

ItemPalmyraNational avg.Difference
Gasoline $2.46$2.0917.6%
Tire Balancing $52.00$45.2914.8%

Utilities

ItemPalmyraNational 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.
Tavistock, NJ911515%
Arcadia University, PA62311515%
Pine Valley, NJ211515%
Prospect Park, PA28894-6%
Audubon Park, NJ1,05196-4%
Palmyra, NJ7,37211313%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Page, AZ7,37492-8%
Fair Lakes, VA7,36813939%
West Dundee, IL7,36711717%
Pimmit Hills, VA7,36414646%
Venice Gardens, FL7,381100-0%
Palmyra, NJ7,37211313%
Source: The Palmyra, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.