F
19%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
48%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Elizabeth New Jersey National
Cost of living119121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing148158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Elizabeth, NJ

Are you thinking about relocating, but curious about the potential cost of living in Elizabeth? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Elizabeth stands at 119, making it 19% 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 make up a big chunk of the cost of living in Elizabeth, 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 48.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Elizabeth Affordable?

Is Elizabeth 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 Elizabeth, the median home price is 57.7% higher than what most folks pay across the country, and monthly rent prices are 26.6% higher than the usual rates. Income levels in Elizabeth come in at $50,647, which is 8.5% lower than the national average.

What Factors can Influence the Cost of Living in Elizabeth?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Elizabeth, the transportation index stands at 8.3% 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 Elizabeth, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Elizabeth, the housing index is 48.4% higher than the national average.

Where is the Data From?

The Elizabeth cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Elizabeth is 2% lower than the New Jersey average
  • The cost of living in Elizabeth is 19% higher than the national average
  • Elizabeth housing is 48% higher than the national average
  • New Jersey general sales tax is 30% higher than the national average
  • New Jersey state income tax is 38% lower than the national average

Most Affordable Places to Live in and Around Elizabeth

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Compare Elizabeth, 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 Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$81,839$6,820$1,909$2,455
      Renters$42,344$3,529$988$1,270
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Elizabeth, NJ, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Elizabeth, homeowners have a median income of $81,839. Using that number, a maximum of $1,909 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $42,344, which means there is a maximum of $988 to be spent on the costs of renting a home or apartment.

      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 Elizabeth National avg. Difference
      Haircut $25.62$24.265.6%
      Beauty Salon $41.67$45.568.6%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.48$1.2815.6%
      Movie $15.78$12.1330.1%
      Bowling $21.00$18.0016.7%

      Groceries

      Item Elizabeth National avg. Difference
      Ground Beef $5.65$5.843.3%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.71$4.670.7%
      Potatoes $5.37$4.938.8%
      Pizza $11.49$12.094.9%
      Beer $11.33$10.418.8%

      Health Care

      Item Elizabeth National avg. Difference
      Optometrist $157.11$125.6825.0%
      Doctor $115.59$135.7814.9%
      Dentist $124.27$113.299.7%
      Ibuprofen $11.15$10.654.6%
      Lipitor $451.73$468.603.6%

      Housing

      Item Elizabeth National avg. Difference
      Home Price $291,300.00$184,700.0057.7%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,201.00$949.0026.6%

      Transportation

      Item Elizabeth National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $82.67$59.9238.0%

      Utilities

      Item Elizabeth National avg. Difference
      All Electricity $236.04$193.9921.7%
      Phone $186.61$192.252.9%
      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 Population Cost of Living Index National Avg.
      East Orange, NJ64,65011111.1%
      Roselle, NJ21,69911212.0%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Plainfield, NJ50,25211817.9%
      Elizabeth, NJ128,48411919.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Round Rock, TX128,8121088.1%
      Concord, CA129,22716767.3%
      Thousand Oaks, CA127,64818787.3%
      Kent, WA130,03813636.4%
      Stamford, CT130,05715858.1%
      Elizabeth, NJ128,48411919.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.