Carteret, New Jersey Cost Of Living

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Overall 20%

Goods & Services 15%

Housing 40%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Carteret	New Jersey	National
Cost of living	120	123	100
Goods & Services	115	111	100
Groceries	110	110	100
Health care	97	102	100
Housing	140	158	100
Transportation	112	110	100
Utilities	105	100	100

Key findings

The cost of living in Carteret is 3% lower than the New Jersey average
The cost of living in Carteret is 20% higher than the national average
Carteret housing is 40% higher than the national average
New Jersey general sales tax is 30% higher than the national average
New Jersey state income tax is 43% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$76,923	$6,410	$1,795	$2,308
Renters	$50,533	$4,211	$1,179	$1,516

The affordability of the housing market in Carteret, NJ as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Carteret 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 would have a maximum of $1,179 for their rent related monthly costs.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	6.625%	12.625%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	10.75%

Goods & Services

Item	Carteret	National avg.	Difference
Haircut	$20.60	$17.49	17.8%
Beauty Salon	$38.40	$38.17	0.6%
Toothpaste	$2.01	$2.32	13.4%
Shampoo	$0.99	$1.01	2.2%
Movie	$12.98	$10.72	21.0%
Bowling	$18.00	$13.86	29.9%

Groceries

Item	Carteret	National avg.	Difference
Ground Beef	$4.11	$3.90	5.4%
Fried Chicken	$1.66	$1.40	18.9%
Milk	$2.15	$1.96	9.6%
Potatoes	$3.39	$3.18	6.5%
Pizza	$11.99	$10.39	15.4%
Beer	$9.19	$9.23	0.4%

Health Care

Item	Carteret	National avg.	Difference
Optometrist	$106.00	$106.34	0.3%
Doctor	$91.00	$115.25	21.0%
Dentist	$102.00	$98.38	3.7%
Ibuprofen	$8.51	$9.26	8.1%
Lipitor	$532.99	$466.47	14.3%

Housing

Item	Carteret	National avg.	Difference
Home Price	$259,900.00	$184,700.00	40.7%
Avg. Mortgage Payment	$2,067.45	$1,273.32	62.4%
Apartment Rent	$1,305.00	$949.00	37.5%

Transportation

Item	Carteret	National avg.	Difference
Gasoline	$2.75	$2.59	5.9%
Tire Balancing	$61.40	$48.90	25.6%

Utilities

Item	Carteret	National avg.	Difference
All Electricity	$186.95	$167.60	11.5%
Phone	$177.03	$163.42	8.3%

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, State	Population	Cost of Living Index	National Avg.
Keansburg, NJ	9,904	108	8%
East Orange, NJ	64,621	111	11%
Roselle, NJ	21,507	111	11%
Newark, NJ	280,139	112	12%
Silver Lake, NJ	4,007	114	14%
Carteret, NJ	23,966	120	20%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Rock Springs, WY	23,967	99	-1%
Searcy, AR	23,969	81	-19%
South Plainfield, NJ	23,963	128	28%
Wekiwa Springs, FL	23,959	105	5%
Bixby, OK	23,956	97	-3%
Carteret, NJ	23,966	120	20%

Source: The Carteret, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Carteret, NJ Cost of Living

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