F
12%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
39%
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 Hopatcong New Jersey National
Cost of living112121100
Goods & Services100106100
Groceries102102100
Health care9999100
Housing139158100
Transportation95103100
Utilities102107100

An Overview of Cost of Living in Hopatcong, NJ

The cost of living in Hopatcong affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Hopatcong is 112, which is 12% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs are a very significant part of the Hopatcong cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 38.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Hopatcong Affordable?

Is Hopatcong affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Hopatcong, the median home price is 30.3% higher than the national average and monthly rent prices are 58.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hopatcong boasting a median household income of $97,679, 76.6% higher than the national average.

What Factors can Influence the Cost of Living in Hopatcong?

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Hopatcong, is 38.8% 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 Hopatcong, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Hopatcong, healthcare costs are 0.8% lower than the national average.

Where is the Data From?

The Hopatcong 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 Hopatcong is 8% lower than the New Jersey average
  • The cost of living in Hopatcong is 12% higher than the national average
  • Hopatcong housing is 39% 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 Hopatcong

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Compare Hopatcong, 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$101,568$8,464$2,370$3,047
      Renters$79,833$6,653$1,863$2,395
      A good way to judge both the affordability of the housing and the cost of living in Hopatcong is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Hopatcong has a median income of about $101,568 for people who own homes. Based on that number, a maximum of $2,370 should be spent on expenses related to housing. Renters have a slightly different median income, which is $79,833. Based on this average, renters should spend no more than $1,863 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Hopatcong National avg. Difference
      Haircut $29.17$24.2620.2%
      Beauty Salon $40.36$45.5611.4%
      Toothpaste $3.66$3.701.2%
      Shampoo $1.44$1.2812.1%
      Movie $14.15$12.1316.6%
      Bowling $25.03$18.0039.0%

      Groceries

      Item Hopatcong National avg. Difference
      Ground Beef $5.64$5.843.5%
      Fried Chicken $1.55$1.571.4%
      Milk $4.74$4.671.5%
      Potatoes $5.21$4.935.7%
      Pizza $11.49$12.094.9%
      Beer $11.66$10.4112.0%

      Health Care

      Item Hopatcong National avg. Difference
      Optometrist $105.11$125.6816.4%
      Doctor $117.94$135.7813.1%
      Dentist $121.22$113.297.0%
      Ibuprofen $11.05$10.653.7%
      Lipitor $427.79$468.608.7%

      Housing

      Item Hopatcong National avg. Difference
      Home Price $240,600.00$184,700.0030.3%
      Avg. Mortgage Payment $3,303.56$2,346.6940.8%
      Apartment Rent $1,505.00$949.0058.6%

      Transportation

      Item Hopatcong National avg. Difference
      Gasoline $3.45$3.460.2%
      Tire Balancing $77.33$59.9229.1%

      Utilities

      Item Hopatcong National avg. Difference
      All Electricity $230.68$193.9918.9%
      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.
      Port Murray, NJ2161000.1%
      Great Meadows, NJ2641000.1%
      Ross Corner, NJ209964.2%
      Marksboro, NJ125972.7%
      Victory Gardens, NJ1,6041011.2%
      Hopatcong, NJ14,22811211.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lakewood Park, FL14,227964.3%
      Antioch, IL14,2311077.0%
      North Perth, ON14,233n/a 
      Sainte-Adèle, QC14,237n/a 
      Greensburg, PA14,239937.1%
      Hopatcong, NJ14,22811211.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.