Woodland Park 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.
IndexWoodland ParkNew JerseyNational
Cost of living index133131100
IndexWoodland ParkNew JerseyNational
Goods & Services index115118100
Groceries index106116100
Health care index107111100
Housing index186166100
Transportation index111118100
Utilities index98110100
A general summary of the cost of living index in Woodland Park, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Woodland Park, NJ is 133, which is 1% higher than the average in New Jersey and compared to the national average it is 33% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Woodland Park, NJ goods and services come in at 3% lower than the average in New Jersey and are 15% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Woodland Park is 1% higher than the New Jersey average.
  • The cost of living in Woodland Park is 33% higher than the national average.
  • The cost of housing in Woodland Park is 86% 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 Woodland Park, NJ Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Woodland Park, 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 Woodland Park, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Woodland Park, 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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$103,168$8,597$2,407$3,095
Renters$56,682$4,724$1,322$1,701
The affordability of the housing market in Woodland Park, NJ as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Woodland Park, NJ homeowners, the median income is $103,168. This indicates that a monthly maximum of $2,407 should be spent by homeowners on all housing related costs. Renters have a median income of $56,682. This indicates that renters should have a maximum of $1,322 used for their rent related monthly 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%
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Woodland Park, 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

ItemWoodland ParkNational avg.Difference
Haircut $19.00$14.5930.2%
Beauty Salon $33.75$34.682.7%
Toothpaste $2.29$2.477.4%
Shampoo $1.00$1.022.2%
Movie $11.70$9.8718.6%
Bowling $4.55$4.393.6%

Groceries

ItemWoodland ParkNational avg.Difference
Ground Beef $4.39$4.481.9%
Fried Chicken $1.99$1.4635.9%
Milk $2.77$2.3617.5%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $9.19$8.636.5%

Health Care

ItemWoodland ParkNational avg.Difference
Optometrist $91.25$99.788.5%
Doctor $90.00$105.0314.3%
Dentist $107.25$88.7020.9%
Ibuprofen $9.49$9.410.8%
Lipitor $341.01$298.5014.2%

Housing

ItemWoodland ParkNational avg.Difference
Home Price $362,800.00$175,700.00106.5%
Avg. Mortgage Payment $1,790.20$1,081.0365.6%
Apartment Rent $1,278.00$920.0038.9%

Transportation

ItemWoodland ParkNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $59.16$45.2930.6%

Utilities

ItemWoodland ParkNational avg.Difference
All Electricity$159.41$170.806.7%
Phone $29.75$28.265.3%
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.
East Orange, NJ64,53811313%
Newark, NJ278,75011414%
Silver Lake, NJ3,59412323%
Paterson, NJ146,34111919%
Haledon, NJ8,39712121%
Woodland Park, NJ12,12913333%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Dallas, GA12,12994-6%
Dranesville, VA12,12815050%
Larkspur, CA12,131220120%
Chatham, IL12,13198-2%
California, MD12,13212020%
Woodland Park, NJ12,12913333%
Source: The Woodland Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.