Ridgewood 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.
IndexRidgewoodNew JerseyNational
Cost of living index179131100
IndexRidgewoodNew JerseyNational
Goods & Services index115118100
Groceries index106116100
Health care index107111100
Housing index339166100
Transportation index111118100
Utilities index98110100
Displayed above is a general overview of the Ridgewood, NJ cost of living index. The overall cost of living index in Ridgewood, NJ is 179, which is 36% higher than the New Jersey average and 79% 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 Ridgewood, NJ are 3% lower than the New Jersey average and 15% higher than the national average.

Did you know?

  • The cost of living in Ridgewood is 36% higher than the New Jersey average.
  • The cost of living in Ridgewood is 79% higher than the national average.
  • The cost of housing in Ridgewood is 239% 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 Ridgewood

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Ridgewood

Compare Ridgewood, 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 is used in order to provide a comparison of your current salary in Ridgewood, NJ to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Ridgewood, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Ridgewood, NJ salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$173,352$14,446$4,045$5,201
Renters$81,154$6,763$1,893$2,435
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 Ridgewood, 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. Ridgewood, NJ has a median income of about $173,352 for people who own homes. Based on that number, a person should spend a maximum of $4,045 on expenses related to housing. Renters have a slightly different median income, which is $81,154. Based on this average, renters should spend no more than $1,893 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%
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Ridgewood, 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

ItemRidgewoodNational avg.Difference
Haircut $19.00$14.5930.2%
Beauty Salon $33.75$34.682.7%
Toothpaste $2.29$2.477.4%
Shampoo $1.00$1.022.2%
Movie $11.70$9.8718.6%
Bowling $4.55$4.393.6%

Groceries

ItemRidgewoodNational avg.Difference
Ground Beef $4.39$4.481.9%
Fried Chicken $1.99$1.4635.9%
Milk $2.77$2.3617.5%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $9.19$8.636.5%

Health Care

ItemRidgewoodNational avg.Difference
Optometrist $91.25$99.788.5%
Doctor $90.00$105.0314.3%
Dentist $107.25$88.7020.9%
Ibuprofen $9.49$9.410.8%
Lipitor $341.01$298.5014.2%

Housing

ItemRidgewoodNational avg.Difference
Home Price $695,500.00$175,700.00295.8%
Avg. Mortgage Payment $1,790.20$1,081.0365.6%
Apartment Rent $1,900.00$920.00106.5%

Transportation

ItemRidgewoodNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $59.16$45.2930.6%

Utilities

ItemRidgewoodNational avg.Difference
All Electricity$159.41$170.806.7%
Phone $29.75$28.265.3%
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.
East Orange, NJ64,53811313%
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612828%
Haledon, NJ8,39712121%
Ridgewood, NJ25,27017979%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Collinsville, IL25,28292-8%
Bridgeton, NJ25,25297-3%
Westmont, IL25,23611717%
Ossining, NY25,23214646%
Bloomington, CA25,2281088%
Ridgewood, NJ25,27017979%
Source: The Ridgewood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.