Silver Lake 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.
IndexSilver LakeNew JerseyNational
Cost of living index119127100
IndexSilver LakeNew JerseyNational
Goods & Services index116114100
Groceries index105104100
Health care index97100100
Housing index140166100
Transportation index107107100
Utilities index113110100
A general overview of the cost of living index for Silver Lake, NJ is displayed above. In Silver Lake, NJ, the overall cost of living index is 119, which is 6% lower than the New Jersey average and 19% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Silver Lake, NJ, the city's goods and services are 1% higher than the New Jersey average and 16% higher than the U.S. average.

Did you know?

  • The cost of living in Silver Lake is 6% lower than the New Jersey average.
  • The cost of living in Silver Lake is 19% higher than the national average.
  • The cost of housing in Silver Lake is 40% 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 Silver Lake, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Silver Lake, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Silver Lake, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Silver Lake, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$61,658$5,138$1,439$1,850
Renters$42,643$3,554$995$1,279
If you want to find a good determining factor for the cost of living and the general affordability of housing in Silver Lake, 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 Silver Lake, NJ, the median monthly income is $61,658 for those who own their own homes. Under the standard rule, that income level would allow for $1,439 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $42,643, per the median income in the area. That would allow for renters to spend up to $995 on monthly rental expenses.

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 Silver Lake, 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

ItemSilver LakeNational avg.Difference
Haircut $19.93$15.5628.1%
Beauty Salon $33.60$36.116.9%
Toothpaste $2.13$2.4714.0%
Shampoo $0.98$0.961.2%
Movie $12.17$10.1320.1%
Bowling $4.51$4.744.8%

Groceries

ItemSilver LakeNational avg.Difference
Ground Beef $3.71$3.986.9%
Fried Chicken $1.53$1.418.7%
Milk $2.36$2.0614.5%
Potatoes $2.82$2.985.3%
Pizza $8.16$9.4713.8%
Beer $8.79$8.790.0%

Health Care

ItemSilver LakeNational avg.Difference
Optometrist $97.00$101.044.0%
Doctor $88.67$107.4417.5%
Dentist $100.22$90.4210.8%
Ibuprofen $8.82$9.284.9%
Lipitor $392.56$426.508.0%

Housing

ItemSilver LakeNational avg.Difference
Home Price $257,800.00$175,700.0046.7%
Avg. Mortgage Payment $1,696.27$1,133.2349.7%
Apartment Rent $1,130.00$920.0022.8%

Transportation

ItemSilver LakeNational avg.Difference
Gasoline $1.93$1.993.0%
Tire Balancing $58.47$45.7627.8%

Utilities

ItemSilver LakeNational avg.Difference
All Electricity$178.78$163.819.1%
Phone $33.50$28.3918.0%
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, StatePopulationCost of Living IndexNational Avg.
East Orange, NJ64,53811313%
Newark, NJ278,75011515%
Roselle, NJ21,34811515%
Plainfield, NJ50,42311717%
Paterson, NJ146,34111919%
Silver Lake, NJ3,59411919%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Gibbstown, NJ3,59411313%
Brices Creek, NC3,59311010%
Camden, TN3,59681-19%
Oregon, IL3,59285-15%
Doolittle, TX3,59766-34%
Silver Lake, NJ3,59411919%
Source: The Silver Lake, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.