Madison Park 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.
IndexMadison ParkNew JerseyNational
Cost of living index119123100
IndexMadison ParkNew JerseyNational
Goods & Services index114111100
Groceries index107110100
Health care index104102100
Housing index141158100
Transportation index107110100
Utilities index104100100
The above illustration supplies generalized information for the Madison Park, NJ cost of living index. Compared to other cities in New Jersey and cities across the country, the cost of living index in Madison Park, NJ is 119, which is 3% lower than the New Jersey average and 19% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Madison Park, NJ are 3% higher than the average for New Jersey and 14% higher than the rest of the country.
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Did you know?

  • The cost of living in Madison Park is 3% lower than the New Jersey average.
  • The cost of living in Madison Park is 19% higher than the national average.
  • The cost of housing in Madison Park is 41% 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 Madison Park, 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 Madison Park, 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 Madison Park, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Madison Park, 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$86,821$7,235$2,026$2,605
      Renters$59,427$4,952$1,387$1,783
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Madison Park, NJ as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Madison Park, NJ homeowners, is $86,821. This would allow for a maximum of $2,026 per month to be spent on housing costs. For renters, the median monthly income is $59,427 which would result in a maximum of $1,387 to be spent on rental 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 considering the overall cost of living expenses in Madison Park, NJ, it's important to take into account the sales tax for New Jersey, as well as the rate for income tax in New Jersey. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for New Jersey is 12.625%, and the sales tax in the state of New Jersey is 6.625%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in New Jersey starts from 1.4% and goes up to 10.75%.

      Goods & Services

      ItemMadison ParkNational 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

      ItemMadison ParkNational 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

      ItemMadison ParkNational 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

      ItemMadison ParkNational avg.Difference
      Home Price $276,100.00$184,700.0049.5%
      Avg. Mortgage Payment $1,998.40$1,273.3256.9%
      Apartment Rent $1,145.00$949.0020.7%

      Transportation

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

      Utilities

      ItemMadison ParkNational 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%
      Rossmoor, NJ2,9041000%
      Keansburg, NJ9,9041088%
      Clearbrook Park, NJ3,11411010%
      Roselle, NJ21,50711111%
      Madison Park, NJ6,80011919%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Fort Myers Beach, FL6,80112727%
      Kirtland, OH6,8021099%
      Nevada, IA6,79689-11%
      Piñon Hills, CA6,79611010%
      Mount Ivy, NY6,79211818%
      Madison Park, NJ6,80011919%
      Source: The Madison Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.