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.
A general summary of the cost of living index in Newton, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Newton, NJ is 111, which is 11% lower than the average in New Jersey and compared to the national average it is 11% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Newton, NJ goods and services come in at 1% lower than the average in New Jersey and are 11% higher than compared to the nationwide average.
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Did you know?
The cost of living in Newton is 11% lower than the New Jersey average.
The cost of living in Newton is 11% higher than the national average.
The cost of housing in Newton is 13% 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.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current salary in Newton, NJ to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Newton, NJ, then you would need to earn more income in order to maintain the same standard of living. To use the Newton, NJ salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Newton, NJ, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Newton, NJ, the median monthly income is $90,682 for those who own their own homes. Under the standard rule, that income level would allow for $2,116 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $26,282, per the median income in the area. That would allow for renters to spend up to $613 on monthly rental expenses.
New Jersey Sales Tax
General Sales Tax
With Max Surtax
New Jersey Income Tax
Income Tax (Low)
Income Tax (High)
For those who live in Newton, NJ and want to know what the true cost of living is, they ought to look at both the New Jersey income tax rate and the New Jersey sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New Jersey, the sales tax is 6.625%, while the most you'll pay in surtax is 12.875%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New Jersey, the income tax rate ranges between 1.4% to 8.97%.
Goods & Services
Avg. Mortgage Payment
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.