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.
IndexWoodcliff LakeNew JerseyNational
Cost of living index187127100
IndexWoodcliff LakeNew JerseyNational
Goods & Services index114114100
Groceries index106104100
Health care index100100100
Housing index366166100
Transportation index107107100
Utilities index109110100
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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Compare Woodcliff Lake, NJ Cost of living To Other Cities

Salary Calculator

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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 IncomePer YearPer MonthMax 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

StateGeneral Sales TaxWith Max Surtax
New Jersey7%7%

New Jersey Income Tax

StateIncome Tax (Low)Income Tax (High)
New Jersey1.4%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

ItemWoodcliff LakeNational avg.Difference
Haircut $21.07$15.5635.3%
Beauty Salon $37.27$36.113.2%
Toothpaste $2.00$2.4719.2%
Shampoo $0.99$0.962.6%
Movie $12.15$10.1320.0%
Bowling $4.22$4.7411.0%

Groceries

ItemWoodcliff LakeNational avg.Difference
Ground Beef $3.70$3.987.2%
Fried Chicken $1.60$1.4113.9%
Milk $2.41$2.0616.8%
Potatoes $2.72$2.988.7%
Pizza $8.23$9.4713.1%
Beer $8.92$8.791.5%

Health Care

ItemWoodcliff LakeNational avg.Difference
Optometrist $114.67$101.0413.5%
Doctor $97.00$107.449.7%
Dentist $100.58$90.4211.2%
Ibuprofen $8.64$9.286.9%
Lipitor $377.50$426.5011.5%

Housing

ItemWoodcliff LakeNational avg.Difference
Home Price $754,400.00$175,700.00329.4%
Avg. Mortgage Payment $1,788.76$1,133.2357.8%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemWoodcliff LakeNational avg.Difference
Gasoline $1.95$1.992.3%
Tire Balancing $58.03$45.7626.8%

Utilities

ItemWoodcliff LakeNational avg.Difference
All Electricity$168.80$163.813.0%
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.
Greenville, NY5731033%
Paterson, NJ146,34111919%
Mount Ivy, NY6,92612020%
Haledon, NJ8,39712121%
Spring Valley, NY32,00712121%
Woodcliff Lake, NJ5,78518787%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Jordan, MN5,7841077%
Rensselaer, IN5,78788-12%
Lewisburg, PA5,78198-2%
Wrightsboro, NC5,78097-3%
Mayflower Village, CA5,77915151%
Woodcliff Lake, NJ5,78518787%
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.