Cost Of Living In Ringwood, NJ

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	139	127	100
Index	Ringwood	New Jersey	National
Goods & Services index	114	114	100
Groceries index	106	104	100
Health care index	100	100	100
Housing index	207	166	100
Transportation index	107	107	100
Utilities index	109	110	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 139, which is 10% higher than the New Jersey average and 39% 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 equal to the New Jersey average and 14% higher than the national average.

Did you know?

The cost of living in Ringwood is 10% higher than the New Jersey average.
The cost of living in Ringwood is 39% higher than the national average.
The cost of housing in Ringwood is 107% 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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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	$108,977	$9,081	$2,543	$3,270
Renters	$41,086	$3,424	$959	$1,233

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 $108,977 for those who own their own homes. Under the standard rule, that income level would allow for $2,543 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,086, per the median income in the area. That would allow for renters to spend up to $959 on monthly rental expenses.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	7%	7%

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 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

Item	Ringwood	National avg.	Difference
Haircut	$21.07	$15.56	35.3%
Beauty Salon	$37.27	$36.11	3.2%
Toothpaste	$2.00	$2.47	19.2%
Shampoo	$0.99	$0.96	2.6%
Movie	$12.15	$10.13	20.0%
Bowling	$4.22	$4.74	11.0%

Groceries

Item	Ringwood	National avg.	Difference
Ground Beef	$3.70	$3.98	7.2%
Fried Chicken	$1.60	$1.41	13.9%
Milk	$2.41	$2.06	16.8%
Potatoes	$2.72	$2.98	8.7%
Pizza	$8.23	$9.47	13.1%
Beer	$8.92	$8.79	1.5%

Health Care

Item	Ringwood	National avg.	Difference
Optometrist	$114.67	$101.04	13.5%
Doctor	$97.00	$107.44	9.7%
Dentist	$100.58	$90.42	11.2%
Ibuprofen	$8.64	$9.28	6.9%
Lipitor	$377.50	$426.50	11.5%

Housing

Item	Ringwood	National avg.	Difference
Home Price	$364,700.00	$175,700.00	107.6%
Avg. Mortgage Payment	$1,788.76	$1,133.23	57.8%
Apartment Rent	$1,904.00	$920.00	107.0%

Transportation

Item	Ringwood	National avg.	Difference
Gasoline	$1.95	$1.99	2.3%
Tire Balancing	$58.03	$45.76	26.8%

Utilities

Item	Ringwood	National avg.	Difference
All Electricity	$168.80	$163.81	3.0%
Phone	$33.50	$28.39	18.0%

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, State	Population	Cost of Living Index	National Avg.
Vernon Center, NJ	2,011	108	8%
Harriman, NY	2,771	116	16%
Paterson, NJ	146,341	119	19%
Mount Ivy, NY	6,926	120	20%
Haledon, NJ	8,397	121	21%
Ringwood, NJ	12,320	139	39%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Cleveland, MS	12,318	82	-18%
Eatontown, NJ	12,323	145	45%
Arkansas City, KS	12,316	81	-19%
Winfield, KS	12,324	83	-17%
New Providence, NJ	12,314	159	59%
Ringwood, NJ	12,320	139	39%

Source: The Ringwood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Ringwood, NJ Cost of Living