Red Bank 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.
IndexRed BankNew JerseyNational
Cost of living index152131100
IndexRed BankNew JerseyNational
Goods & Services index151118100
Groceries index121116100
Health care index117111100
Housing index183166100
Transportation index138118100
Utilities index133110100
A general summary of the cost of living index in Red Bank, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Red Bank, NJ is 152, which is 16% higher than the average in New Jersey and compared to the national average it is 52% 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 Red Bank, NJ goods and services come in at 28% higher than the average in New Jersey and are 51% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Red Bank is 16% higher than the New Jersey average.
  • The cost of living in Red Bank is 52% higher than the national average.
  • The cost of housing in Red Bank is 83% 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 Red Bank, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Red Bank, 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 Red Bank, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Red Bank, 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$89,583$7,465$2,090$2,688
Renters$48,255$4,021$1,126$1,448
The affordability of the housing market in Red Bank, 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 Red Bank, NJ homeowners, the median income is $89,583. This indicates that a monthly maximum of $2,090 should be spent by homeowners on all housing related costs. Renters have a median income of $48,255. This indicates that renters should have a maximum of $1,126 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%
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Red Bank, NJ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Jersey sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

ItemRed BankNational avg.Difference
Haircut $22.50$14.5954.2%
Beauty Salon $70.55$34.68103.4%
Toothpaste $4.04$2.4763.3%
Shampoo $1.14$1.0211.5%
Movie $13.83$9.8740.1%
Bowling $12.33$4.39180.8%

Groceries

ItemRed BankNational avg.Difference
Ground Beef $4.46$4.480.4%
Fried Chicken $1.04$1.4629.0%
Milk $1.92$2.3618.5%
Potatoes $4.37$3.0642.7%
Pizza $11.49$9.2424.3%
Beer $13.09$8.6351.6%

Health Care

ItemRed BankNational avg.Difference
Optometrist $103.33$99.783.6%
Doctor $122.50$105.0316.6%
Dentist $117.50$88.7032.5%
Ibuprofen $10.06$9.416.9%
Lipitor $302.11$298.501.2%

Housing

ItemRed BankNational avg.Difference
Home Price $357,600.00$175,700.00103.5%
Avg. Mortgage Payment $4,902.79$1,081.03353.5%
Apartment Rent $1,238.00$920.0034.6%

Transportation

ItemRed BankNational avg.Difference
Gasoline $2.64$2.0926.2%
Tire Balancing $78.00$45.2972.2%

Utilities

ItemRed BankNational avg.Difference
All Electricity$259.80$170.8052.1%
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.
Keansburg, NJ10,01113333%
Perth Amboy, NJ51,72711717%
Keyport, NJ7,21311919%
Highlands, NJ4,98514040%
Cliffwood Beach, NJ3,33112020%
Red Bank, NJ12,25015252%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Grand Terrace, CA12,25211616%
Evanston, WY12,25397-3%
Georgetown, GA12,2351000%
South Daytona, FL12,26593-7%
Cascades, VA12,23114343%
Red Bank, NJ12,25015252%
Source: The Red Bank, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.