Paramus 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.
IndexParamusNew JerseyNational
Cost of living index175131100
IndexParamusNew JerseyNational
Goods & Services index127118100
Groceries index132116100
Health care index115111100
Housing index282166100
Transportation index134118100
Utilities index133110100
Displayed above is a general overview of the Paramus, NJ cost of living index. The overall cost of living index in Paramus, NJ is 175, which is 33% higher than the New Jersey average and 75% 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 Paramus, NJ are 8% higher than the New Jersey average and 27% higher than the national average.

Did you know?

  • The cost of living in Paramus is 33% higher than the New Jersey average.
  • The cost of living in Paramus is 75% higher than the national average.
  • The cost of housing in Paramus is 182% 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 Paramus

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Paramus

Compare Paramus, 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
The salary calculator allows you to compare how much your current salary in Paramus, NJ would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Paramus, NJ, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Paramus, NJ salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$106,538$8,878$2,486$3,196
Renters$36,902$3,075$861$1,107
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Paramus, NJ, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Paramus, NJ has a median income of about $106,538 for people who own homes. Based on that number, a person should spend a maximum of $2,486 on expenses related to housing. Renters have a slightly different median income, which is $36,902. Based on this average, renters should spend no more than $861 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 Paramus, 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

ItemParamusNational 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

ItemParamusNational 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

ItemParamusNational 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

ItemParamusNational avg.Difference
Home Price $554,400.00$175,700.00215.5%
Avg. Mortgage Payment $3,389.29$1,081.03213.5%
Apartment Rent $1,874.00$920.00103.7%

Transportation

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

Utilities

ItemParamusNational 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%
East Orange, NJ64,53811313%
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Haledon, NJ8,39712121%
Paramus, NJ26,61217575%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Clinton, IA26,61186-14%
Tualatin, OR26,60412727%
Greer, SC26,62697-3%
Fredericksburg, VA26,63212121%
West Whittier-Los Nietos, CA26,59012828%
Paramus, NJ26,61217575%
Source: The Paramus, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.