Wanamassa 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.
IndexWanamassaNew JerseyNational
Cost of living index150131100
IndexWanamassaNew JerseyNational
Goods & Services index151118100
Groceries index121116100
Health care index117111100
Housing index175166100
Transportation index138118100
Utilities index133110100
An overview of the general cost of living index for Wanamassa, NJ is displayed above for your reference. Residents in Wanamassa, NJ enjoy a cost of living index of 150. This index is 14% higher than the New Jersey average, and 50% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Wanamassa, NJ, the average cost of goods and services is 28% higher than it is in New Jersey, and it is 51% higher than the national average.

Did you know?

  • The cost of living in Wanamassa is 14% higher than the New Jersey average.
  • The cost of living in Wanamassa is 50% higher than the national average.
  • The cost of housing in Wanamassa is 75% 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 Wanamassa, NJ Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Wanamassa, NJ would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Wanamassa, NJ, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Wanamassa, NJ salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$104,943$8,745$2,449$3,149
Renters$32,500$2,708$758$975
If you want to find a good determining factor for the cost of living and the general affordability of housing in Wanamassa, 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 Wanamassa, NJ, the median monthly income is $104,943 for those who own their own homes. Under the standard rule, that income level would allow for $2,449 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $32,500, per the median income in the area. That would allow for renters to spend up to $758 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%
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Wanamassa, NJ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Jersey sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

ItemWanamassaNational avg.Difference
Haircut $22.50$14.5954.2%
Beauty Salon $70.55$34.68103.4%
Toothpaste $4.04$2.4763.3%
Shampoo $1.14$1.0211.5%
Movie $13.83$9.8740.1%
Bowling $12.33$4.39180.8%

Groceries

ItemWanamassaNational avg.Difference
Ground Beef $4.46$4.480.4%
Fried Chicken $1.04$1.4629.0%
Milk $1.92$2.3618.5%
Potatoes $4.37$3.0642.7%
Pizza $11.49$9.2424.3%
Beer $13.09$8.6351.6%

Health Care

ItemWanamassaNational avg.Difference
Optometrist $103.33$99.783.6%
Doctor $122.50$105.0316.6%
Dentist $117.50$88.7032.5%
Ibuprofen $10.06$9.416.9%
Lipitor $302.11$298.501.2%

Housing

ItemWanamassaNational avg.Difference
Home Price $340,200.00$175,700.0093.6%
Avg. Mortgage Payment $4,902.79$1,081.03353.5%
Apartment Rent $1,224.00$920.0033.0%

Transportation

ItemWanamassaNational avg.Difference
Gasoline $2.64$2.0926.2%
Tire Balancing $78.00$45.2972.2%

Utilities

ItemWanamassaNational avg.Difference
All Electricity$259.80$170.8052.1%
Phone $30.33$28.267.3%
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.
Cedar Glen West, NJ95583-17%
Leisure Village, NJ4,20198-2%
Leisure Village East, NJ3,6891099%
Keansburg, NJ10,01113333%
Keyport, NJ7,21311919%
Wanamassa, NJ4,47715050%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Portola Valley, CA4,478222122%
Kingsville, MD4,47912424%
Madisonville, TX4,47981-19%
Beaver, PA4,47995-5%
Saukville, WI4,4791011%
Wanamassa, NJ4,47715050%
Source: The Wanamassa, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.