Cost Of Living In Toms River, NJ

Toms River 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.
Index	Toms River	New Jersey	National
Cost of living index	123	127	100
Index	Toms River	New Jersey	National
Goods & Services index	113	114	100
Groceries index	102	104	100
Health care index	102	100	100
Housing index	158	166	100
Transportation index	106	107	100
Utilities index	109	110	100

Here we can see a simple outline of the cost of living in Toms River, NJ. As you can see, with the average cost of living in Toms River, NJ being 123, that puts it 3% lower than the average of New Jersey and 23% 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 Toms River, NJ, the price of goods and services are 1% lower than the average of New Jersey as well as 13% higher than the nation's average.

Did you know?

The cost of living in Toms River is 3% lower than the New Jersey average.
The cost of living in Toms River is 23% higher than the national average.
The cost of housing in Toms River is 58% 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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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 Toms River, 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 Toms River, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Toms River, 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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$81,480	$6,790	$1,901	$2,445
Renters	$43,174	$3,598	$1,007	$1,295

One can approximate the cost of living and the housing affordability in Toms River, NJ by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Toms River, NJ have a median income of $81,480. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,901 per month to avoid calamity and poverty. The renters in the city have an income of about $43,174, which would make their monthly maximum allowable rental costs $1,007.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	7%	7%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	8.97%

When considering the overall cost of living expenses in Toms River, 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

Item	Toms River	National avg.	Difference
Haircut	$19.80	$15.56	27.2%
Beauty Salon	$31.53	$36.11	12.7%
Toothpaste	$2.04	$2.47	17.4%
Shampoo	$0.96	$0.96	0.9%
Movie	$12.25	$10.13	21.0%
Bowling	$4.44	$4.74	6.3%

Groceries

Item	Toms River	National avg.	Difference
Ground Beef	$3.72	$3.98	6.7%
Fried Chicken	$1.42	$1.41	1.2%
Milk	$2.35	$2.06	13.9%
Potatoes	$2.76	$2.98	7.6%
Pizza	$8.16	$9.47	13.8%
Beer	$9.12	$8.79	3.7%

Health Care

Item	Toms River	National avg.	Difference
Optometrist	$104.60	$101.04	3.5%
Doctor	$88.87	$107.44	17.3%
Dentist	$110.17	$90.42	21.8%
Ibuprofen	$8.59	$9.28	7.4%
Lipitor	$389.54	$426.50	8.7%

Housing

Item	Toms River	National avg.	Difference
Home Price	$284,700.00	$175,700.00	62.0%
Avg. Mortgage Payment	$1,533.70	$1,133.23	35.3%
Apartment Rent	$1,361.00	$920.00	47.9%

Transportation

Item	Toms River	National avg.	Difference
Gasoline	$1.92	$1.99	3.6%
Tire Balancing	$59.07	$45.76	29.1%

Utilities

Item	Toms River	National avg.	Difference
All Electricity	$168.73	$163.81	3.0%
Phone	$33.50	$28.39	18.0%

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, State	Population	Cost of Living Index	National Avg.
Cedar Glen West, NJ	955	83	-17%
Cedar Glen Lakes, NJ	1,527	90	-10%
Pine Ridge at Crestwood, NJ	2,239	92	-8%
Crestwood Village, NJ	7,703	95	-5%
Silver Ridge, NJ	1,447	98	-2%
Toms River, NJ	89,459	123	23%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Sandy, UT	89,521	110	10%
Santa Barbara, CA	89,669	193	93%
Allen, TX	89,845	100	0%
League City, TX	88,979	101	1%
Fall River, MA	88,756	116	16%
Toms River, NJ	89,459	123	23%

Source: The Toms River, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Toms River, NJ Cost of Living