Elizabeth, NJ Cost Of Living

Elizabeth cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Elizabeth	New Jersey	National
Cost of living index	118	125	100
Index	Elizabeth	New Jersey	National
Goods & Services index	113	112	100
Groceries index	107	105	100
Health care index	102	104	100
Housing index	133	158	100
Transportation index	113	112	100
Utilities index	115	115	100

An overview of the general cost of living index for Elizabeth, NJ is displayed above for your reference. Residents in Elizabeth, NJ enjoy a cost of living index of 118. This index is 6% lower than the New Jersey average, and 18% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Elizabeth, NJ, the average cost of goods and services is 1% higher than it is in New Jersey, and it is 13% higher than the national average.

Did you know?

The cost of living in Elizabeth is 6% lower than the New Jersey average.
The cost of living in Elizabeth is 18% higher than the national average.
The cost of housing in Elizabeth is 33% higher than the national average.
New Jersey general sales tax is 30% higher than the national average.
New Jersey state income tax is 37% 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

Use the salary calculator to compare your current income in Elizabeth, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Elizabeth, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Elizabeth, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$72,778	$6,065	$1,698	$2,184
Renters	$38,013	$3,168	$887	$1,141

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Elizabeth, NJ, as well as what the average cost of living is. 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 payment and not more than 36 percent of income on all expenses and debts. In Elizabeth, NJ homeowners have a median income of $72,778. Using that number, you will come up with a maximum of $1,698 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $38,013, which means there is a maximum of $887 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%	12.875%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	8.97%

The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Elizabeth, NJ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Jersey sales tax is 6.625% and the maximum surtax is 12.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

Item	Elizabeth	National avg.	Difference
Haircut	$22.60	$16.09	40.5%
Beauty Salon	$37.53	$37.33	0.5%
Toothpaste	$2.07	$2.45	15.4%
Shampoo	$0.99	$1.00	1.1%
Movie	$11.68	$10.28	13.6%
Bowling	$4.90	$4.93	0.6%

Groceries

Item	Elizabeth	National avg.	Difference
Ground Beef	$3.54	$3.80	7.0%
Fried Chicken	$1.69	$1.40	21.0%
Milk	$2.27	$2.01	12.9%
Potatoes	$3.12	$3.01	3.7%
Pizza	$8.59	$9.89	13.1%
Beer	$8.92	$8.90	0.3%

Health Care

Item	Elizabeth	National avg.	Difference
Optometrist	$100.58	$102.16	1.5%
Doctor	$96.29	$108.36	11.1%
Dentist	$99.80	$92.53	7.9%
Ibuprofen	$8.79	$9.28	5.3%
Lipitor	$484.38	$425.82	13.8%

Housing

Item	Elizabeth	National avg.	Difference
Home Price	$262,300.00	$184,700.00	42.0%
Avg. Mortgage Payment	$1,826.72	$1,202.44	51.9%
Apartment Rent	$1,074.00	$949.00	13.2%

Transportation

Item	Elizabeth	National avg.	Difference
Gasoline	$2.39	$2.24	6.5%
Tire Balancing	$58.19	$46.29	25.7%

Utilities

Item	Elizabeth	National avg.	Difference
All Electricity	$190.86	$165.96	15.0%
Phone	$33.50	$28.68	16.8%

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.
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%
Plainfield, NJ	50,578	115	15%
Elizabeth, NJ	128,042	118	18%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Midland, TX	128,051	103	3%
Roseville, CA	128,276	130	30%
Coral Springs, FL	127,673	119	19%
Denton, TX	128,421	91	-9%
Surprise, AZ	127,492	106	6%
Elizabeth, NJ	128,042	118	18%

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

Elizabeth, NJ Cost of Living