Hope, New Jersey Cost Of Living

Buy Rent

F

Overall 26%

Goods & Services 2%

Housing 80%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Hope	New Jersey	National
Cost of living	126	121	100
Goods & Services	102	105	100
Groceries	110	107	100
Health care	98	96	100
Housing	180	158	100
Transportation	103	105	100
Utilities	95	105	100

Key findings

The cost of living in Hope is 4% higher than the New Jersey average
The cost of living in Hope is 26% higher than the national average
Hope housing is 80% higher than the national average
New Jersey general sales tax is 30% higher than the national average
New Jersey state income tax is 43% 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

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$102,813	$8,568	$2,399	$3,085
Renters	$0	$0	$0	$0

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	Hope	National avg.	Difference
Haircut	$23.23	$20.27	14.6%
Beauty Salon	$49.99	$40.39	23.8%
Toothpaste	$1.92	$2.36	18.8%
Shampoo	$1.11	$1.08	3.1%
Movie	$12.81	$10.99	16.6%
Bowling	$20.73	$15.49	33.8%

Groceries

Item	Hope	National avg.	Difference
Ground Beef	$3.97	$4.30	7.7%
Fried Chicken	$2.19	$1.40	56.3%
Milk	$2.72	$2.20	23.6%
Potatoes	$3.56	$3.22	10.6%
Pizza	$9.99	$10.74	7.0%
Beer	$8.05	$9.60	16.1%

Health Care

Item	Hope	National avg.	Difference
Optometrist	$97.21	$109.73	11.4%
Doctor	$90.28	$118.34	23.7%
Dentist	$119.29	$100.94	18.2%
Ibuprofen	$7.94	$9.93	20.1%
Lipitor	$470.29	$469.53	0.2%

Housing

Item	Hope	National avg.	Difference
Home Price	$333,300.00	$184,700.00	80.5%
Avg. Mortgage Payment	$1,548.22	$1,229.62	25.9%
Apartment Rent	$0.00	$949.00	100.0%

Transportation

Item	Hope	National avg.	Difference
Gasoline	$2.76	$2.71	2.0%
Tire Balancing	$54.50	$51.86	5.1%

Utilities

Item	Hope	National avg.	Difference
All Electricity	$157.35	$170.84	7.9%
Phone	$183.25	$187.18	2.1%

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.
Delaware, NJ	99	103	3.0%
Buttzville, NJ	70	102	2.3%
Port Murray, NJ	98	102	2.3%
Ross Corner, NJ	58	102	2.3%
Bridgeville, NJ	135	102	2.3%
Hope, NJ	193	126	25.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Iliff, CO	193	85	15.4%
Elberon, IA	193	83	17.0%
Hancock, IA	193	84	15.6%
Leighton, IA	193	80	19.9%
Midvale, ID	193	93	6.6%
Hope, NJ	193	126	25.7%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.