An Overview of Cost of Living in Secaucus, NJ
Are you thinking about relocating, but curious about the potential cost of living in Secaucus? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Secaucus stands at 155, making it 55% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Secaucus is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Secaucus falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a major factor in the Secaucus cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 139.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Secaucus, these items will cost you 26.8% more than what's considered the norm, making it a more expensive place to call home.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Secaucus is even less favorable, with grocery prices here being 13.4% higher than the national average.
Is Secaucus Affordable?
Is Secaucus an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Secaucus is 156.4% higher than the national average, while the average monthly rent prices are 100.9% higher than average. The affordability of any location can also be influenced by median income levels. Secaucus has a median household income of $125,142, which is 126.2% higher than the national average.
What Factors can Influence the Cost of Living in Secaucus?
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Secaucus, the baseline sales tax rate begins at 6.625%, and income tax rates start at 1.4%.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Secaucus, the transportation index is 15.2% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Secaucus, healthcare costs are 20.6% higher than the national average.
Where is the Data From?
The Secaucus cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
Here are the best places to live in New Jersey
Check out the 10 safest cities in New Jersey
10 best cities to buy a new house in New Jersey
See the best places to live in & around Secaucus