Prospect Park 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.
IndexProspect ParkNew JerseyNational
Cost of living index121127100
IndexProspect ParkNew JerseyNational
Goods & Services index114114100
Groceries index106104100
Health care index100100100
Housing index147166100
Transportation index107107100
Utilities index109110100
A general summary of the cost of living index in Prospect Park, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Prospect Park, NJ is 121, which is 4% lower than the average in New Jersey and compared to the national average it is 21% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Prospect Park, NJ goods and services come in at equal to the average in New Jersey and are 14% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Prospect Park is 4% lower than the New Jersey average.
  • The cost of living in Prospect Park is 21% higher than the national average.
  • The cost of housing in Prospect Park is 47% 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 Prospect Park, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Prospect Park, 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 Prospect Park, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Prospect Park, 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$69,469$5,789$1,621$2,084
Renters$35,391$2,949$826$1,062
The affordability of the housing market in Prospect Park, 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 Prospect Park, NJ homeowners, the median income is $69,469. This indicates that a monthly maximum of $1,621 should be spent by homeowners on all housing related costs. Renters have a median income of $35,391. This indicates that renters should have a maximum of $826 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%
For those who live in Prospect Park, NJ and want to know what the true cost of living is, they ought to look at both the New Jersey income tax rate and the New Jersey sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Jersey, the sales tax is 7%, while the most you'll pay in surtax is 7%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Jersey, the income tax rate ranges between 1.4% to 8.97%.

Goods & Services

ItemProspect ParkNational 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

ItemProspect ParkNational 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

ItemProspect ParkNational 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

ItemProspect ParkNational avg.Difference
Home Price $265,300.00$175,700.0051.0%
Avg. Mortgage Payment $1,788.76$1,133.2357.8%
Apartment Rent $1,280.00$920.0039.1%

Transportation

ItemProspect ParkNational avg.Difference
Gasoline $1.95$1.992.3%
Tire Balancing $58.03$45.7626.8%

Utilities

ItemProspect ParkNational 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.
East Orange, NJ64,53811313%
Newark, NJ278,75011515%
Silver Lake, NJ3,59411919%
Paterson, NJ146,34111919%
Haledon, NJ8,39712121%
Prospect Park, NJ5,91512121%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Orlovista, FL5,91786-14%
Warren, AR5,91883-17%
Villa Park, CA5,911210110%
Greenville, PA5,91983-17%
Walpole, MA5,91013131%
Prospect Park, NJ5,91512121%
Source: The Prospect Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.