F
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.
IndexCarteretNew JerseyNational
Cost of living120123100
Goods & Services115111100
Groceries110110100
Health care97102100
Housing140158100
Transportation112110100
Utilities105100100

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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Compare Carteret, NJ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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 IncomePer YearPer MonthMax 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

      StateGeneral Sales TaxWith Max Surtax
      New Jersey6.625%12.625%

      New Jersey Income Tax

      StateIncome Tax (Low)Income Tax (High)
      New Jersey1.4%10.75%

      Goods & Services

      ItemCarteretNational avg.Difference
      Haircut $20.60$17.4917.8%
      Beauty Salon $38.40$38.170.6%
      Toothpaste $2.01$2.3213.4%
      Shampoo $0.99$1.012.2%
      Movie $12.98$10.7221.0%
      Bowling $18.00$13.8629.9%

      Groceries

      ItemCarteretNational avg.Difference
      Ground Beef $4.11$3.905.4%
      Fried Chicken $1.66$1.4018.9%
      Milk $2.15$1.969.6%
      Potatoes $3.39$3.186.5%
      Pizza $11.99$10.3915.4%
      Beer $9.19$9.230.4%

      Health Care

      ItemCarteretNational avg.Difference
      Optometrist $106.00$106.340.3%
      Doctor $91.00$115.2521.0%
      Dentist $102.00$98.383.7%
      Ibuprofen $8.51$9.268.1%
      Lipitor $532.99$466.4714.3%

      Housing

      ItemCarteretNational avg.Difference
      Home Price $259,900.00$184,700.0040.7%
      Avg. Mortgage Payment $2,067.45$1,273.3262.4%
      Apartment Rent $1,305.00$949.0037.5%

      Transportation

      ItemCarteretNational avg.Difference
      Gasoline $2.75$2.595.9%
      Tire Balancing $61.40$48.9025.6%

      Utilities

      ItemCarteretNational avg.Difference
      All Electricity$186.95$167.6011.5%
      Phone $177.03$163.428.3%
      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.
      Keansburg, NJ9,9041088%
      East Orange, NJ64,62111111%
      Roselle, NJ21,50711111%
      Newark, NJ280,13911212%
      Silver Lake, NJ4,00711414%
      Carteret, NJ23,96612020%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Rock Springs, WY23,96799-1%
      Searcy, AR23,96981-19%
      South Plainfield, NJ23,96312828%
      Wekiwa Springs, FL23,9591055%
      Bixby, OK23,95697-3%
      Carteret, NJ23,96612020%
      Source: The Carteret, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.