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.
An overview of the general cost of living index for Ocean Acres, NJ is displayed above for your reference. Residents in Ocean Acres, NJ enjoy a cost of living index of 122. This index is 2% lower than the New Jersey average, and 22% 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 Ocean Acres, NJ, the average cost of goods and services is 4% lower than it is in New Jersey, and it is 7% higher than the national average.
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Did you know?
The cost of living in Ocean Acres is 2% lower than the New Jersey average.
The cost of living in Ocean Acres is 22% higher than the national average.
The cost of housing in Ocean Acres is 45% 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 Ocean Acres, NJ Cost of living To Other Cities
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 income in Ocean Acres, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Ocean Acres, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Ocean Acres, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Ocean Acres, 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 Ocean Acres, NJ homeowners have a median income of $82,324. Using that number, you will come up with a maximum of $1,921 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $49,653, which means there is a maximum of $1,158 to be spent on the costs of renting a home or apartment.
New Jersey Sales Tax
General Sales Tax
With Max Surtax
New Jersey Income Tax
Income Tax (Low)
Income Tax (High)
When assessing the complete cost of living in Ocean Acres, NJ, the New Jersey income tax and the New Jersey sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The New Jersey maximum surtax is 12.875%, and the New Jersey sales tax is 6.625%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 1.4% to 8.97% in New Jersey.
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.