Summit 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.
IndexSummitNew JerseyNational
Cost of living index185127100
IndexSummitNew JerseyNational
Goods & Services index116114100
Groceries index105104100
Health care index97100100
Housing index359166100
Transportation index107107100
Utilities index113110100
A general overview of the cost of living index for Summit, NJ is displayed above. In Summit, NJ, the overall cost of living index is 185, which is 46% higher than the New Jersey average and 85% 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 Summit, 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 Summit is 46% higher than the New Jersey average.
  • The cost of living in Summit is 85% higher than the national average.
  • The cost of housing in Summit is 259% 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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Salary Calculator

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Use the salary calculator to compare your current salary in Summit, NJ to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Summit, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Summit, NJ salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$160,614$13,385$3,747$4,819
Renters$70,278$5,857$1,640$2,109
The affordability of the housing market in Summit, 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 Summit, NJ homeowners, the median income is $160,614. This indicates that a monthly maximum of $3,747 should be spent by homeowners on all housing related costs. Renters have a median income of $70,278. This indicates that renters should have a maximum of $1,640 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 Summit, 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

ItemSummitNational 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

ItemSummitNational 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

ItemSummitNational 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

ItemSummitNational avg.Difference
Home Price $774,800.00$175,700.00341.0%
Avg. Mortgage Payment $1,696.27$1,133.2349.7%
Apartment Rent $1,530.00$920.0066.3%

Transportation

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

Utilities

ItemSummitNational 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.
Zarephath, NJ01099%
Victory Gardens, NJ1,64611212%
East Orange, NJ64,53811313%
Newark, NJ278,75011515%
Roselle, NJ21,34811515%
Summit, NJ21,82618585%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Okemos, MI21,82798-2%
Tysons Corner, VA21,82814949%
Jacksonville Beach, FL21,82211212%
North Augusta, SC21,83293-7%
Chillicothe, OH21,80285-15%
Summit, NJ21,82618585%
Source: The Summit, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.