An Overview of Cost of Living in Beachwood, NJ
Are you thinking about relocating, but curious about the potential cost of living in Beachwood? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Beachwood stands at 118, making it 18% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Housing costs are a major factor in the Beachwood cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 41.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Beachwood, you you will have to spend 11.3% more than average when compared to the typical prices for these items, making it a more expensive place to live.
Is Beachwood Affordable?
Is Beachwood an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Beachwood, the median home price is 27.6% higher than what most folks pay across the country, and monthly rent prices are 73% higher than the usual rates. Income levels in Beachwood come in at $81,658, which is 47.6% higher than the national average.
What Factors can Influence the Cost of Living in Beachwood?
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Beachwood, the groceries index is 2.5% higher than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Beachwood, the housing index comes in at 41.2% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Beachwood, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.
Where is the Data From?
The cost of living data in Beachwood displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
Here are the best places to live in New Jersey
Top 10 best public schools in Beachwood
Check out the 10 safest cities in New Jersey
See the best places to live in & around Beachwood