An Overview of Cost of Living in Pompton Lakes, NJ
Are you thinking about relocating, but curious about the potential cost of living in Pompton Lakes? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Pompton Lakes stands at 121, making it 21% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you prioritize affordability when seeking a new place to live, Pompton Lakes may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Pompton Lakes falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Pompton Lakes, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 68.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Pompton Lakes Affordable?
Wondering if Pompton Lakes is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Pompton Lakes, for example, the median home price is 75.8% higher than what folks pay nationally, and monthly rent is 52.9% higher than the usual rates. Plus, income levels matter too, with Pompton Lakes boasting a median household income of $98,348, which is 77.8% higher than the national average.
What Factors can Influence the Cost of Living in Pompton Lakes?
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Pompton Lakes, is 68.9% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Pompton Lakes, healthcare costs are 0.8% lower than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Pompton Lakes, the transportation index is 4.7% lower than the national average.
Where is the Data From?
The Pompton Lakes cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.