Ringwood, NJ Cost Of Living

Ringwood 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.
Index	Ringwood	New Jersey	National
Cost of living index	129	125	100
Index	Ringwood	New Jersey	National
Goods & Services index	113	112	100
Groceries index	107	105	100
Health care index	102	104	100
Housing index	171	158	100
Transportation index	113	112	100
Utilities index	115	115	100

Displayed above is a general overview of the Ringwood, NJ cost of living index. The overall cost of living index in Ringwood, NJ is 129, which is 3% higher than the New Jersey average and 29% 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 Ringwood, NJ are 1% higher than the New Jersey average and 13% higher than the national average.

Did you know?

The cost of living in Ringwood is 3% higher than the New Jersey average.
The cost of living in Ringwood is 29% higher than the national average.
The cost of housing in Ringwood is 71% higher than the national average.
New Jersey general sales tax is 30% higher than the national average.
New Jersey state income tax is 37% lower than the national average.

Find Real Estate Listings In Ringwood

New Real Estate Listings In Ringwood

The best places in New Jersey

Here are the best places to live in New Jersey

Check out the 10 safest cities in New Jersey

These are the 10 most affordable cities in New Jersey

See the best places to live in & around Ringwood

Compare Ringwood, 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 meant to help you compare your salary in Ringwood, NJ to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Ringwood, NJ, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Ringwood, NJ salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$120,658	$10,055	$2,815	$3,620
Renters	$42,227	$3,519	$985	$1,267

If you want to find a good determining factor for the cost of living and the general affordability of housing in Ringwood, NJ, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Ringwood, NJ, the median monthly income is $120,658 for those who own their own homes. Under the standard rule, that income level would allow for $2,815 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $42,227, per the median income in the area. That would allow for renters to spend up to $985 on monthly rental expenses.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	6.625%	12.875%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	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 Ringwood, 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 6.625% and the maximum surtax is 12.875%. 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

Item	Ringwood	National avg.	Difference
Haircut	$22.60	$16.09	40.5%
Beauty Salon	$37.53	$37.33	0.5%
Toothpaste	$2.07	$2.45	15.4%
Shampoo	$0.99	$1.00	1.1%
Movie	$11.68	$10.28	13.6%
Bowling	$4.90	$4.93	0.6%

Groceries

Item	Ringwood	National avg.	Difference
Ground Beef	$3.54	$3.80	7.0%
Fried Chicken	$1.69	$1.40	21.0%
Milk	$2.27	$2.01	12.9%
Potatoes	$3.12	$3.01	3.7%
Pizza	$8.59	$9.89	13.1%
Beer	$8.92	$8.90	0.3%

Health Care

Item	Ringwood	National avg.	Difference
Optometrist	$100.58	$102.16	1.5%
Doctor	$96.29	$108.36	11.1%
Dentist	$99.80	$92.53	7.9%
Ibuprofen	$8.79	$9.28	5.3%
Lipitor	$484.38	$425.82	13.8%

Housing

Item	Ringwood	National avg.	Difference
Home Price	$348,900.00	$184,700.00	88.9%
Avg. Mortgage Payment	$1,826.72	$1,202.44	51.9%
Apartment Rent	$1,216.00	$949.00	28.1%

Transportation

Item	Ringwood	National avg.	Difference
Gasoline	$2.39	$2.24	6.5%
Tire Balancing	$58.19	$46.29	25.7%

Utilities

Item	Ringwood	National avg.	Difference
All Electricity	$190.86	$165.96	15.0%
Phone	$33.50	$28.68	16.8%

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, State	Population	Cost of Living Index	National Avg.
Vernon Center, NJ	1,887	108	8%
Harriman, NY	2,556	113	13%
Highland Lakes, NJ	4,834	113	13%
Paterson, NJ	146,894	115	15%
Prospect Park, NJ	5,919	119	19%
Ringwood, NJ	12,398	129	29%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Waxhaw, NC	12,398	112	12%
Grand Terrace, CA	12,393	119	19%
Irondale, AL	12,388	88	-12%
Abbeville, LA	12,408	83	-17%
California, MD	12,386	122	22%
Ringwood, NJ	12,398	129	29%

Source: The Ringwood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Ringwood, NJ Cost of Living