Park Ridge 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.
IndexPark RidgeNew JerseyNational
Cost of living index154127100
IndexPark RidgeNew JerseyNational
Goods & Services index114114100
Groceries index106104100
Health care index100100100
Housing index256166100
Transportation index107107100
Utilities index109110100
Here we can see a simple outline of the cost of living in Park Ridge, NJ. As you can see, with the average cost of living in Park Ridge, NJ being 154, that puts it 21% higher than the average of New Jersey and 54% 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 Park Ridge, NJ, the price of goods and services are equal to the average of New Jersey as well as 14% higher than the nation's average.

Did you know?

  • The cost of living in Park Ridge is 21% higher than the New Jersey average.
  • The cost of living in Park Ridge is 54% higher than the national average.
  • The cost of housing in Park Ridge is 156% 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 Park Ridge, NJ Cost of living To Other Cities

Salary Calculator

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Health care index
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Use the salary calculator to compare your current income in Park Ridge, 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 Park Ridge, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Park Ridge, 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$114,035$9,503$2,661$3,421
Renters$75,353$6,279$1,758$2,261
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Park Ridge, NJ, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Park Ridge, NJ homeowners have a median income of $114,035. Using that number, you will come up with a maximum of $2,661 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $75,353, which means there is a maximum of $1,758 to be spent on the costs of renting a home or apartment.

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 Park Ridge, 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

ItemPark RidgeNational avg.Difference
Haircut $21.07$15.5635.3%
Beauty Salon $37.27$36.113.2%
Toothpaste $2.00$2.4719.2%
Shampoo $0.99$0.962.6%
Movie $12.15$10.1320.0%
Bowling $4.22$4.7411.0%

Groceries

ItemPark RidgeNational avg.Difference
Ground Beef $3.70$3.987.2%
Fried Chicken $1.60$1.4113.9%
Milk $2.41$2.0616.8%
Potatoes $2.72$2.988.7%
Pizza $8.23$9.4713.1%
Beer $8.92$8.791.5%

Health Care

ItemPark RidgeNational avg.Difference
Optometrist $114.67$101.0413.5%
Doctor $97.00$107.449.7%
Dentist $100.58$90.4211.2%
Ibuprofen $8.64$9.286.9%
Lipitor $377.50$426.5011.5%

Housing

ItemPark RidgeNational avg.Difference
Home Price $521,100.00$175,700.00196.6%
Avg. Mortgage Payment $1,788.76$1,133.2357.8%
Apartment Rent $1,472.00$920.0060.0%

Transportation

ItemPark RidgeNational avg.Difference
Gasoline $1.95$1.992.3%
Tire Balancing $58.03$45.7626.8%

Utilities

ItemPark RidgeNational avg.Difference
All Electricity$168.80$163.813.0%
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.
Greenville, NY5731033%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612020%
Haledon, NJ8,39712121%
Spring Valley, NY32,00712121%
Park Ridge, NJ8,76315454%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Audubon, NJ8,76311414%
Sallisaw, OK8,76185-15%
Matawan, NJ8,75912727%
Wharton, TX8,76878-22%
Cedar Hills, OR8,75712222%
Park Ridge, NJ8,76315454%
Source: The Park Ridge, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.