Midland 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.
IndexMidland ParkNew JerseyNational
Cost of living index144123100
IndexMidland ParkNew JerseyNational
Goods & Services index114111100
Groceries index108110100
Health care index107102100
Housing index221158100
Transportation index111110100
Utilities index105100100
An overview of the general cost of living index for Midland Park, NJ is displayed above for your reference. Residents in Midland Park, NJ enjoy a cost of living index of 144. This index is 16% higher than the New Jersey average, and 44% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Midland Park, NJ, the average cost of goods and services is 2% higher than it is in New Jersey, and it is 14% higher than the national average.
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Did you know?

  • The cost of living in Midland Park is 16% higher than the New Jersey average.
  • The cost of living in Midland Park is 44% higher than the national average.
  • The cost of housing in Midland Park is 121% 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 Midland Park, NJ Cost of living To Other Cities

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      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index
      The salary calculator is used in order to provide a comparison of your current salary in Midland Park, NJ to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Midland Park, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Midland Park, NJ salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$125,714$10,476$2,933$3,772
      Renters$66,250$5,521$1,546$1,988
      How much of your monthly income goes to housing can tell you whether or not you can afford housing in Midland Park, NJ, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Midland Park, NJ homeowners have a median income of $125,714. Using that number, you will come up with a maximum of $2,933 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $66,250, which means there is a maximum of $1,546 to be spent on the costs of renting a home or apartment.

      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%8.97%
      One thing to keep in mind when considering the cost of living in Midland Park, NJ is the New Jersey sales tax and New Jersey income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New Jersey sales tax rate is 6.625% and the maximum surtax that can be charged is 12.625%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

      Goods & Services

      ItemMidland ParkNational avg.Difference
      Haircut $24.00$17.4937.2%
      Beauty Salon $39.00$38.172.2%
      Toothpaste $2.01$2.3213.4%
      Shampoo $1.09$1.017.7%
      Movie $12.14$10.7213.2%
      Bowling $18.40$13.8632.7%

      Groceries

      ItemMidland ParkNational avg.Difference
      Ground Beef $3.85$3.901.3%
      Fried Chicken $1.66$1.4018.9%
      Milk $2.21$1.9612.6%
      Potatoes $3.39$3.186.5%
      Pizza $11.99$10.3915.4%
      Beer $8.99$9.232.6%

      Health Care

      ItemMidland ParkNational avg.Difference
      Optometrist $113.00$106.346.3%
      Doctor $96.67$115.2516.1%
      Dentist $121.00$98.3823.0%
      Ibuprofen $8.95$9.263.4%
      Lipitor $537.05$466.4715.1%

      Housing

      ItemMidland ParkNational avg.Difference
      Home Price $456,000.00$184,700.00146.9%
      Avg. Mortgage Payment $2,311.62$1,273.3281.5%
      Apartment Rent $1,514.00$949.0059.5%

      Transportation

      ItemMidland ParkNational avg.Difference
      Gasoline $2.77$2.597.0%
      Tire Balancing $59.00$48.9020.7%

      Utilities

      ItemMidland ParkNational avg.Difference
      All Electricity$184.45$167.6010.1%
      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.
      Silver Lake, NJ4,00711414%
      Paterson, NJ146,89411515%
      Silver Lake CDP (Warren County), NJ32011717%
      Prospect Park, NJ5,91911818%
      Mount Ivy, NY6,79211818%
      Midland Park, NJ7,28314444%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Williston Park, NY7,28216363%
      Collinsville, VA7,28283-17%
      Hampton, GA7,28197-3%
      Albertville, MN7,2861055%
      Hillsboro, IL7,28787-13%
      Midland Park, NJ7,28314444%
      Source: The Midland Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.