Westwood 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.
IndexWestwoodNew JerseyNational
Cost of living index155131100
IndexWestwoodNew JerseyNational
Goods & Services index127118100
Groceries index132116100
Health care index115111100
Housing index216166100
Transportation index134118100
Utilities index133110100
The above illustration supplies generalized information for the Westwood, NJ cost of living index. Compared to other cities in New Jersey and cities across the country, the cost of living index in Westwood, NJ is 155, which is 18% higher than the New Jersey average and 55% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Westwood, NJ are 8% higher than the average for New Jersey and 27% higher than the rest of the country.

Did you know?

  • The cost of living in Westwood is 18% higher than the New Jersey average.
  • The cost of living in Westwood is 55% higher than the national average.
  • The cost of housing in Westwood is 116% 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 Westwood, NJ Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Westwood, NJ to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Westwood, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Westwood, NJ salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$104,190$8,683$2,431$3,126
Renters$57,193$4,766$1,334$1,716
If you want to find a good determining factor for the cost of living and the general affordability of housing in Westwood, 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 Westwood, NJ, the median monthly income is $104,190 for those who own their own homes. Under the standard rule, that income level would allow for $2,431 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $57,193, per the median income in the area. That would allow for renters to spend up to $1,334 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 Westwood, 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

ItemWestwoodNational avg.Difference
Haircut $20.00$14.5937.0%
Beauty Salon $65.00$34.6887.4%
Toothpaste $3.89$2.4757.3%
Shampoo $0.99$1.023.1%
Movie $14.00$9.8741.9%
Bowling $12.00$4.39173.2%

Groceries

ItemWestwoodNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.94$1.4632.5%
Milk $1.96$2.3616.8%
Potatoes $4.89$3.0659.7%
Pizza $11.50$9.2424.4%
Beer $9.89$8.6314.6%

Health Care

ItemWestwoodNational avg.Difference
Optometrist $99.50$99.780.3%
Doctor $115.00$105.039.5%
Dentist $112.88$88.7027.3%
Ibuprofen $12.39$9.4131.6%
Lipitor $298.37$298.500.0%

Housing

ItemWestwoodNational avg.Difference
Home Price $420,200.00$175,700.00139.2%
Avg. Mortgage Payment $3,389.29$1,081.03213.5%
Apartment Rent $1,487.00$920.0061.6%

Transportation

ItemWestwoodNational avg.Difference
Gasoline $2.64$2.0926.2%
Tire Balancing $69.96$45.2954.5%

Utilities

ItemWestwoodNational avg.Difference
All Electricity$259.37$170.8051.9%
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.
Greenville, NY5731044%
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612828%
Haledon, NJ8,39712121%
Westwood, NJ11,05615555%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Robertsville, NJ11,05514949%
Sierra Madre, CA11,06018686%
Lake Arbor, MD11,05212424%
Robinson, TX11,05194-6%
Chelsea, AL11,0511066%
Westwood, NJ11,05615555%
Source: The Westwood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.