Cost Of Living In Woodcliff Lake, NJ

Woodcliff Lake 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	Woodcliff Lake	New Jersey	National
Cost of living index	187	127	100
Index	Woodcliff Lake	New Jersey	National
Goods & Services index	114	114	100
Groceries index	106	104	100
Health care index	100	100	100
Housing index	366	166	100
Transportation index	107	107	100
Utilities index	109	110	100

The above illustration supplies generalized information for the Woodcliff Lake, NJ cost of living index. Compared to other cities in New Jersey and cities across the country, the cost of living index in Woodcliff Lake, NJ is 187, which is 47% higher than the New Jersey average and 87% 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 Woodcliff Lake, NJ are equal to the average for New Jersey and 14% higher than the rest of the country.

Did you know?

The cost of living in Woodcliff Lake is 47% higher than the New Jersey average.
The cost of living in Woodcliff Lake is 87% higher than the national average.
The cost of housing in Woodcliff Lake is 266% 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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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current salary in Woodcliff Lake, 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 Woodcliff Lake, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Woodcliff Lake, 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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$157,250	$13,104	$3,669	$4,718
Renters	$53,837	$4,486	$1,256	$1,615

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Woodcliff Lake, NJ as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Woodcliff Lake, NJ homeowners, is $157,250. This would allow for a maximum of $3,669 per month to be spent on housing costs. For renters, the median monthly income is $53,837 which would result in a maximum of $1,256 to be spent on rental costs.

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 you are determining the total cost of living in Woodcliff Lake, NJ you will want to make sure you consider both the New Jersey sales tax and the New Jersey income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in New Jersey is 7%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in New Jersey have a range from 1.4% to 8.97%.

Goods & Services

Item	Woodcliff Lake	National avg.	Difference
Haircut	$21.07	$15.56	35.3%
Beauty Salon	$37.27	$36.11	3.2%
Toothpaste	$2.00	$2.47	19.2%
Shampoo	$0.99	$0.96	2.6%
Movie	$12.15	$10.13	20.0%
Bowling	$4.22	$4.74	11.0%

Groceries

Item	Woodcliff Lake	National avg.	Difference
Ground Beef	$3.70	$3.98	7.2%
Fried Chicken	$1.60	$1.41	13.9%
Milk	$2.41	$2.06	16.8%
Potatoes	$2.72	$2.98	8.7%
Pizza	$8.23	$9.47	13.1%
Beer	$8.92	$8.79	1.5%

Health Care

Item	Woodcliff Lake	National avg.	Difference
Optometrist	$114.67	$101.04	13.5%
Doctor	$97.00	$107.44	9.7%
Dentist	$100.58	$90.42	11.2%
Ibuprofen	$8.64	$9.28	6.9%
Lipitor	$377.50	$426.50	11.5%

Housing

Item	Woodcliff Lake	National avg.	Difference
Home Price	$754,400.00	$175,700.00	329.4%
Avg. Mortgage Payment	$1,788.76	$1,133.23	57.8%
Apartment Rent	$2,001.00	$920.00	117.5%

Transportation

Item	Woodcliff Lake	National avg.	Difference
Gasoline	$1.95	$1.99	2.3%
Tire Balancing	$58.03	$45.76	26.8%

Utilities

Item	Woodcliff Lake	National avg.	Difference
All Electricity	$168.80	$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.
Greenville, NY	573	103	3%
Paterson, NJ	146,341	119	19%
Mount Ivy, NY	6,926	120	20%
Haledon, NJ	8,397	121	21%
Spring Valley, NY	32,007	121	21%
Woodcliff Lake, NJ	5,785	187	87%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Jordan, MN	5,784	107	7%
Rensselaer, IN	5,787	88	-12%
Lewisburg, PA	5,781	98	-2%
Wrightsboro, NC	5,780	97	-3%
Wesley Hills, NY	5,779	157	57%
Woodcliff Lake, NJ	5,785	187	87%

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

Woodcliff Lake, NJ Cost of Living