Rumson 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.
IndexRumsonNew JerseyNational
Cost of living index222131100
IndexRumsonNew JerseyNational
Goods & Services index151118100
Groceries index121116100
Health care index117111100
Housing index416166100
Transportation index138118100
Utilities index133110100
Here we can see a simple outline of the cost of living in Rumson, NJ. As you can see, with the average cost of living in Rumson, NJ being 222, that puts it 69% higher than the average of New Jersey and 122% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Rumson, NJ, the price of goods and services are 28% higher than the average of New Jersey as well as 51% higher than the nation's average.

Did you know?

  • The cost of living in Rumson is 69% higher than the New Jersey average.
  • The cost of living in Rumson is 122% higher than the national average.
  • The cost of housing in Rumson is 316% 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 Rumson, 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
Using the salary calculator lets you compare the salary you earn in Rumson, NJ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Rumson, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Rumson, NJ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$181,146$15,096$4,226$5,435
Renters$65,950$5,496$1,539$1,979
The affordability of the housing market in Rumson, 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 Rumson, NJ homeowners, the median income is $181,146. This indicates that a monthly maximum of $4,226 should be spent by homeowners on all housing related costs. Renters have a median income of $65,950. This indicates that renters should have a maximum of $1,539 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%
When considering the overall cost of living expenses in Rumson, NJ, it's important to take into account the sales tax for New Jersey, as well as the rate for income tax in New Jersey. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for New Jersey is 7%, and the sales tax in the state of New Jersey is 7%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in New Jersey starts from 1.4% and goes up to 8.97%.

Goods & Services

ItemRumsonNational 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

ItemRumsonNational 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

ItemRumsonNational 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

ItemRumsonNational avg.Difference
Home Price $916,600.00$175,700.00421.7%
Avg. Mortgage Payment $4,902.79$1,081.03353.5%
Apartment Rent $1,550.00$920.0068.5%

Transportation

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

Utilities

ItemRumsonNational 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%
Rumson, NJ7,045222122%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Selma, TX7,04698-2%
Rathdrum, ID7,04693-7%
Sausalito, CA7,043222122%
Seward, NE7,05091-9%
Perry, FL7,04079-21%
Rumson, NJ7,045222122%
Source: The Rumson, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.