| Index | Beachwood | New Jersey | National |
| Cost of living | 122 | 125 | 100 |
| Groceries | 107 | 108 | 100 |
| Health care | 112 | 112 | 100 |
| Housing | 144 | 157 | 100 |
| Transportation | 117 | 114 | 100 |
| Utilities | 116 | 111 | 100 |
| Lifestyle & Entertainment | 113 | 113 | 100 |
| Household Items | 107 | 107 | 100 |
| Education & Childcare | 122 | 120 | 100 |
Understanding the cost of living in Beachwood can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Beachwood cost of living index is 122, which is 22% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you're in pursuit of an economical living environment, Beachwood may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Beachwood falls within this bracket.
Housing costs make up a big chunk of the cost of living in Beachwood, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 43.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Beachwood affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Beachwood, the median home price is 31.2% higher than the national average and monthly rent prices are 72.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Beachwood boasting a median household income of $123,565, 51.9% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Beachwood, the groceries index is 7.3% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Beachwood, the utilities index is 16.2% higher than the national average.
The Beachwood cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $126,438 | $10,537 | $2,950 | $3,794 |
| Renters | $97,888 | $8,157 | $2,284 | $2,937 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| Cedar Glen West, NJ | 1,846 | 87 | 13.5% |
| Cedar Glen Lakes, NJ | 1,661 | 91 | 8.5% |
| Crestwood Village, NJ | 8,315 | 96 | 4.2% |
| Pine Ridge at Crestwood, NJ | 2,669 | 102 | 1.7% |
| Leisure Village, NJ | 4,863 | 102 | 2.3% |
| Beachwood, NJ | 11,679 | 122 | 22.2% |
| City | Population | Cost of Living Index | National Avg. |
| Martensville, SK | 11,678 | n/a | |
| Roma, TX | 11,681 | 81 | 18.6% |
| Campbellsville, KY | 11,676 | 89 | 11.2% |
| Elizabethtown, PA | 11,675 | 100 | 0.0% |
| Gloucester City, NJ | 11,674 | 103 | 3.2% |
| Beachwood, NJ | 11,679 | 122 | 22.2% |
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