| Index | Lakewood | New Jersey | National |
| Cost of living | 151 | 125 | 100 |
| Groceries | 106 | 108 | 100 |
| Health care | 113 | 112 | 100 |
| Housing | 241 | 157 | 100 |
| Transportation | 116 | 114 | 100 |
| Utilities | 115 | 111 | 100 |
| Lifestyle & Entertainment | 114 | 113 | 100 |
| Household Items | 106 | 107 | 100 |
| Education & Childcare | 125 | 120 | 100 |
The cost of living in Lakewood 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 Lakewood is 151, which is 51% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you prioritize affordability when seeking a new place to live, Lakewood may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Lakewood falls into this category, which may not align with your preferences for a budget-friendly living environment.
When it comes to the cost of living in Lakewood, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 140.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Lakewood 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 Lakewood, the median home price is 181.2% higher than the national average and monthly rent prices are 45.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lakewood boasting a median household income of $76,092, 6.4% lower 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.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Lakewood, the groceries index is 6.1% higher than the national average.
The Lakewood cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $143,557 | $11,963 | $3,349 | $4,307 |
| Renters | $56,620 | $4,718 | $1,321 | $1,699 |
| 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. |
| Cedar Glen West, NJ | 1,846 | 87 | 13.5% |
| Cedar Glen Lakes, NJ | 1,661 | 91 | 8.5% |
| Crestwood Village, NJ | 8,315 | 96 | 4.2% |
| Pine Ridge at Crestwood, NJ | 2,669 | 102 | 1.7% |
| Leisure Village, NJ | 4,863 | 102 | 2.3% |
| Lakewood, NJ | 57,098 | 151 | 51.0% |
| City | Population | Cost of Living Index | National Avg. |
| Kettering, OH | 57,103 | 91 | 8.8% |
| Manhattan, KS | 57,133 | 100 | 0.3% |
| Southaven, MS | 57,133 | 95 | 5.0% |
| Apex, NC | 57,037 | 122 | 22.3% |
| Oak Lawn, IL | 57,180 | 106 | 5.8% |
| Lakewood, NJ | 57,098 | 151 | 51.0% |
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