Ocean Acres 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.
IndexOcean AcresNew JerseyNational
Cost of living index120123100
IndexOcean AcresNew JerseyNational
Goods & Services index105111100
Groceries index117110100
Health care index103102100
Housing index145158100
Transportation index115110100
Utilities index108100100
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 120. This index is 3% lower than the New Jersey average, and 20% 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 6% lower than it is in New Jersey, and it is 5% higher than the national average.
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Did you know?

  • The cost of living in Ocean Acres is 3% lower than the New Jersey average.
  • The cost of living in Ocean Acres is 20% 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

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      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities 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

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$82,324$6,860$1,921$2,470
      Renters$49,653$4,138$1,158$1,490
      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

      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%
      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 12.625%, 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

      ItemOcean AcresNational avg.Difference
      Haircut $19.40$17.4910.9%
      Beauty Salon $61.00$38.1759.8%
      Toothpaste $2.02$2.3213.0%
      Shampoo $0.99$1.012.2%
      Movie $12.10$10.7212.8%
      Bowling $18.40$13.8632.7%

      Groceries

      ItemOcean AcresNational avg.Difference
      Ground Beef $3.94$3.901.0%
      Fried Chicken $1.49$1.406.8%
      Milk $2.16$1.9610.1%
      Potatoes $3.66$3.1815.0%
      Pizza $10.50$10.391.0%
      Beer $8.71$9.235.6%

      Health Care

      ItemOcean AcresNational avg.Difference
      Optometrist $103.33$106.342.8%
      Doctor $133.33$115.2515.7%
      Dentist $103.33$98.385.0%
      Ibuprofen $10.32$9.2611.4%
      Lipitor $389.17$466.4716.6%

      Housing

      ItemOcean AcresNational avg.Difference
      Home Price $254,700.00$184,700.0037.9%
      Avg. Mortgage Payment $1,429.36$1,273.3212.3%
      Apartment Rent $1,538.00$949.0062.1%

      Transportation

      ItemOcean AcresNational avg.Difference
      Gasoline $2.89$2.5911.4%
      Tire Balancing $61.00$48.9024.8%

      Utilities

      ItemOcean AcresNational avg.Difference
      All Electricity$185.76$167.6010.8%
      Phone $189.24$163.4215.8%
      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.
      Cedar Glen Lakes, NJ1,49987-13%
      Crestwood Village, NJ8,13592-8%
      Holiday Heights, NJ1,9231055%
      Holiday City South, NJ4,2541066%
      Presidential Lakes Estates, NJ2,0581088%
      Ocean Acres, NJ16,35612020%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Uvalde, TX16,35379-21%
      Donna, TX16,34970-30%
      Burlington, KY16,34797-3%
      Laguna Woods, CA16,34711818%
      Morton, IL16,3431000%
      Ocean Acres, NJ16,35612020%
      Source: The Ocean Acres, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.