Spotswood 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.
IndexSpotswoodNew JerseyNational
Cost of living index119131100
IndexSpotswoodNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index141166100
Transportation index111118100
Utilities index97110100
Here we can see a simple outline of the cost of living in Spotswood, NJ. As you can see, with the average cost of living in Spotswood, NJ being 119, that puts it 10% lower than the average of New Jersey and 19% 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 Spotswood, NJ, the price of goods and services are 5% lower than the average of New Jersey as well as 12% higher than the nation's average.

Did you know?

  • The cost of living in Spotswood is 10% lower than the New Jersey average.
  • The cost of living in Spotswood is 19% higher than the national average.
  • The cost of housing in Spotswood is 41% 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 Spotswood, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Spotswood, 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 Spotswood, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Spotswood, 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$84,566$7,047$1,973$2,537
Renters$22,984$1,915$536$690
The affordability of the housing market in Spotswood, 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 Spotswood, NJ homeowners, the median income is $84,566. This indicates that a monthly maximum of $1,973 should be spent by homeowners on all housing related costs. Renters have a median income of $22,984. This indicates that renters should have a maximum of $536 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%
For those who live in Spotswood, NJ and want to know what the true cost of living is, they ought to look at both the New Jersey income tax rate and the New Jersey sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Jersey, the sales tax is 7%, while the most you'll pay in surtax is 7%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Jersey, the income tax rate ranges between 1.4% to 8.97%.

Goods & Services

ItemSpotswoodNational avg.Difference
Haircut $18.00$14.5923.3%
Beauty Salon $32.75$34.685.6%
Toothpaste $1.99$2.4719.5%
Shampoo $1.08$1.025.7%
Movie $11.70$9.8718.6%
Bowling $4.72$4.397.5%

Groceries

ItemSpotswoodNational avg.Difference
Ground Beef $4.44$4.480.8%
Fried Chicken $1.97$1.4634.6%
Milk $2.57$2.369.1%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $8.79$8.631.8%

Health Care

ItemSpotswoodNational avg.Difference
Optometrist $102.25$99.782.5%
Doctor $86.25$105.0317.9%
Dentist $119.50$88.7034.7%
Ibuprofen $10.32$9.419.6%
Lipitor $351.24$298.5017.7%

Housing

ItemSpotswoodNational avg.Difference
Home Price $291,500.00$175,700.0065.9%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $749.00$920.0018.6%

Transportation

ItemSpotswoodNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $58.80$45.2929.8%

Utilities

ItemSpotswoodNational avg.Difference
All Electricity$155.83$170.808.8%
Phone $29.75$28.265.3%
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.
Zarephath, NJ01099%
Rossmoor, NJ2,81498-2%
Clearbrook Park, NJ2,48911111%
Concordia, NJ3,09211111%
Keansburg, NJ10,01113333%
Spotswood, NJ8,35911919%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Harrodsburg, KY8,35984-16%
Bayport, NY8,35515454%
White City, OR8,3551044%
Center Moriches, NY8,36314646%
Humboldt, TN8,36386-14%
Spotswood, NJ8,35911919%
Source: The Spotswood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.