| Index | Elmwood Park | New Jersey | National |
| Cost of living | 136 | 125 | 100 |
| Groceries | 109 | 108 | 100 |
| Health care | 109 | 112 | 100 |
| Housing | 195 | 157 | 100 |
| Transportation | 111 | 114 | 100 |
| Utilities | 112 | 111 | 100 |
| Lifestyle & Entertainment | 109 | 113 | 100 |
| Household Items | 108 | 107 | 100 |
| Education & Childcare | 116 | 120 | 100 |
Knowing the cost of living in Elmwood Park allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Elmwood Park stands at 136, marking it 36% higher than the national average.
If you're in pursuit of an economical living environment, Elmwood Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Elmwood Park falls within this bracket.
Housing costs significantly influence the Elmwood Park cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 94.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Elmwood Park affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Elmwood Park, for instance, where the median home price falls 101.5% higher than the national average, and monthly rent rates are 79.5% higher than usual. Additionally, median income levels contribute to the equation, with Elmwood Park flaunting a median household income of $113,306, 39.3% higher than the national norm.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Elmwood Park, the utilities index registers 12.2% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Elmwood Park, healthcare costs are 8.9% higher than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
The Elmwood Park cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $133,365 | $11,114 | $3,112 | $4,001 |
| Renters | $92,380 | $7,698 | $2,155 | $2,772 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Silver Lake CDP (Warren County), NJ | 326 | 117 | 17.3% |
| Newark, NJ | 290,764 | 120 | 19.8% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| Prospect Park, NJ | 5,987 | 125 | 25.1% |
| Elmwood Park, NJ | 20,654 | 136 | 35.6% |
| City | Population | Cost of Living Index | National Avg. |
| Sand Springs, OK | 20,651 | 92 | 8.1% |
| Lake Zurich, IL | 20,664 | 123 | 23.4% |
| Port Angeles, WA | 20,631 | 113 | 12.5% |
| Alamo, TX | 20,629 | 83 | 16.8% |
| Lloydminster (Part), AB | 20,628 | n/a | |
| Elmwood Park, NJ | 20,654 | 136 | 35.6% |
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