Fanwood 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.
IndexFanwoodNew JerseyNational
Cost of living index150123100
IndexFanwoodNew JerseyNational
Goods & Services index114111100
Groceries index107110100
Health care index104102100
Housing index245158100
Transportation index107110100
Utilities index104100100
Displayed above is a general overview of the Fanwood, NJ cost of living index. The overall cost of living index in Fanwood, NJ is 150, which is 22% higher than the New Jersey average and 50% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Fanwood, NJ are 3% higher than the New Jersey average and 14% higher than the national average.
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Did you know?

  • The cost of living in Fanwood is 22% higher than the New Jersey average.
  • The cost of living in Fanwood is 50% higher than the national average.
  • The cost of housing in Fanwood is 145% 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.

Compare Fanwood, NJ Cost of living To Other Cities

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      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
      Using the salary calculator lets you compare the salary you earn in Fanwood, NJ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Fanwood, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Fanwood, NJ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$127,299$10,608$2,970$3,819
      Renters$54,107$4,509$1,262$1,623
      The affordability of the housing market in Fanwood, NJ as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Fanwood, NJ homeowners, the median income is $127,299. This indicates that a monthly maximum of $2,970 should be spent by homeowners on all housing related costs. Renters have a median income of $54,107. This indicates that renters should have a maximum of $1,262 used 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%
      When you are determining the total cost of living in Fanwood, NJ you will want to make sure you consider both the New Jersey sales tax and the New Jersey income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in New Jersey is 6.625%, with the highest surtax being 12.625%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in New Jersey have a range from 1.4% to 10.75%.

      Goods & Services

      ItemFanwoodNational avg.Difference
      Haircut $21.60$17.4923.5%
      Beauty Salon $40.80$38.176.9%
      Toothpaste $1.99$2.3214.3%
      Shampoo $1.09$1.017.7%
      Movie $12.01$10.7212.0%
      Bowling $18.00$13.8629.9%

      Groceries

      ItemFanwoodNational avg.Difference
      Ground Beef $3.85$3.901.3%
      Fried Chicken $1.49$1.406.8%
      Milk $2.23$1.9613.6%
      Potatoes $3.19$3.180.2%
      Pizza $12.19$10.3917.3%
      Beer $9.19$9.230.4%

      Health Care

      ItemFanwoodNational avg.Difference
      Optometrist $105.00$106.341.3%
      Doctor $99.00$115.2514.1%
      Dentist $115.00$98.3816.9%
      Ibuprofen $8.69$9.266.2%
      Lipitor $518.17$466.4711.1%

      Housing

      ItemFanwoodNational avg.Difference
      Home Price $422,700.00$184,700.00128.9%
      Avg. Mortgage Payment $1,998.40$1,273.3256.9%
      Apartment Rent $2,689.00$949.00183.4%

      Transportation

      ItemFanwoodNational avg.Difference
      Gasoline $2.72$2.595.1%
      Tire Balancing $55.99$48.9014.5%

      Utilities

      ItemFanwoodNational avg.Difference
      All Electricity$184.00$167.609.8%
      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.
      Zarephath, NJ811010%
      Keansburg, NJ9,9041088%
      East Orange, NJ64,62111111%
      Roselle, NJ21,50711111%
      Newark, NJ280,13911212%
      Fanwood, NJ7,53015050%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Baldwin Harbor, NY7,53015959%
      Monessen, PA7,53086-14%
      Page, AZ7,53292-8%
      Duvall, WA7,53415151%
      New Prague, MN7,5341077%
      Fanwood, NJ7,53015050%
      Source: The Fanwood, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.