F
23%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
57%
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 Hamilton Square New Jersey National
Cost of living123121100
Goods & Services111106100
Groceries103102100
Health care10299100
Housing157158100
Transportation105103100
Utilities108107100

An Overview of Cost of Living in Hamilton Square, NJ

Getting a feel for the cost of living in Hamilton Square is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Hamilton Square is 123, which is 23% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Hamilton Square is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hamilton Square falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Hamilton Square, 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 57.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Hamilton Square, these items will cost you 11.3% more than what most folks pay, making it a bit more expensive to live here.

Is Hamilton Square Affordable?

Is Hamilton Square 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 Hamilton Square, the median home price is 71.5% higher than what most folks pay across the country, and monthly rent prices are 24.4% higher than the usual rates. Income levels in Hamilton Square come in at $110,400, which is 99.6% higher than the national average.

What Factors can Influence the Cost of Living in Hamilton Square?

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Hamilton Square, the groceries index is 2.5% higher than the national average.

Where is the Data From?

The Hamilton Square 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 Hamilton Square is 2% higher than the New Jersey average
  • The cost of living in Hamilton Square is 23% higher than the national average
  • Hamilton Square housing is 57% 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 Hamilton Square

See all the best places to live around Hamilton Square

Compare Hamilton Square, 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$109,951$9,163$2,565$3,299
      Renters$113,984$9,499$2,659$3,420
      A good indicator of the general affordability of housing in Hamilton Square, NJ, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Hamilton Square, the median monthly income is $109,951 for those who own their own homes. Under the standard rule, that income level would allow for $2,565 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $113,984, per the median income in the area. That would allow for renters to spend up to $2,659 on monthly rental expenses.

      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 Hamilton Square National avg. Difference
      Haircut $30.25$24.2624.7%
      Beauty Salon $53.00$45.5616.3%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.53$1.2819.8%
      Movie $14.53$12.1319.7%
      Bowling $20.98$18.0016.6%

      Groceries

      Item Hamilton Square National avg. Difference
      Ground Beef $6.13$5.845.0%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.70$4.670.5%
      Potatoes $5.32$4.937.8%
      Pizza $12.59$12.094.2%
      Beer $11.12$10.416.8%

      Health Care

      Item Hamilton Square National avg. Difference
      Optometrist $129.93$125.683.4%
      Doctor $124.10$135.788.6%
      Dentist $129.94$113.2914.7%
      Ibuprofen $11.14$10.654.6%
      Lipitor $440.70$468.606.0%

      Housing

      Item Hamilton Square National avg. Difference
      Home Price $316,800.00$184,700.0071.5%
      Avg. Mortgage Payment $2,956.12$2,346.6926.0%
      Apartment Rent $1,181.00$949.0024.4%

      Transportation

      Item Hamilton Square National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $72.38$59.9220.8%

      Utilities

      Item Hamilton Square National avg. Difference
      All Electricity $223.08$193.9915.0%
      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.
      Newtown CDP, PA2508811.7%
      Trenton, NJ83,387973.2%
      Morrisville CDP, PA862945.8%
      Wrightstown, NJ546982.5%
      Beverly, NJ2,425991.0%
      Hamilton Square, NJ11,52612322.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Branson, MO11,5269010.3%
      Lac Ste. Anne County, AB11,522n/a 
      Los Alamitos, CA11,52118383.4%
      Byram, MS11,519918.9%
      Mexico, MO11,5358218.3%
      Hamilton Square, NJ11,52612322.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.