Carteret cost of living index

A general summary of the cost of living index in Carteret, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Carteret, NJ is 120, which is 4% lower than the average in New Jersey and compared to the national average it is 20% 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 Carteret, NJ goods and services come in at 1% higher than the average in New Jersey and are 13% higher than compared to the nationwide average.

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Salary Calculator

Use the salary calculator to compare your current salary in Carteret, 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 Carteret, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Carteret, 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

The affordability of the housing market in Carteret, 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 Carteret, NJ homeowners, the median income is $76,923. This indicates that a monthly maximum of $1,795 should be spent by homeowners on all housing related costs. Renters have a median income of $50,533. This indicates that renters should have a maximum of $1,179 used for their rent related monthly costs.

New Jersey Sales Tax

New Jersey Income Tax

When considering the overall cost of living expenses in Carteret, NJ, it's important to take into account the sales tax for New Jersey, as well as the rate for income tax in New Jersey. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for New Jersey is 12.875%, and the sales tax in the state of New Jersey is 6.625%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in New Jersey starts from 1.4% and goes up to 8.97%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Carteret, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.