Palisades 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.
IndexPalisades ParkNew JerseyNational
Cost of living index167125100
IndexPalisades ParkNew JerseyNational
Goods & Services index149112100
Groceries index138105100
Health care index115104100
Housing index236158100
Transportation index130112100
Utilities index118115100
The above illustration supplies generalized information for the Palisades Park, NJ cost of living index. Compared to other cities in New Jersey and cities across the country, the cost of living index in Palisades Park, NJ is 167, which is 34% higher than the New Jersey average and 67% 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 Palisades Park, NJ are 33% higher than the average for New Jersey and 49% higher than the rest of the country.

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Did you know?

  • The cost of living in Palisades Park is 34% higher than the New Jersey average.
  • The cost of living in Palisades Park is 67% higher than the national average.
  • The cost of housing in Palisades Park is 136% 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.

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Compare Palisades Park, NJ Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Palisades Park, 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 Palisades Park, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Palisades Park, 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$85,977$7,165$2,006$2,580
Renters$53,372$4,448$1,245$1,601
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Palisades 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 Palisades Park, NJ homeowners, is $85,977. This would allow for a maximum of $2,006 per month to be spent on housing costs. For renters, the median monthly income is $53,372 which would result in a maximum of $1,245 to be spent on rental costs.

New Jersey Sales Tax

StateGeneral Sales TaxWith Max Surtax
New Jersey6.625%12.875%

New Jersey Income Tax

StateIncome Tax (Low)Income Tax (High)
New Jersey1.4%8.97%
When considering the overall cost of living expenses in Palisades 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 12.875%, 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 8.97%.

Goods & Services

ItemPalisades ParkNational avg.Difference
Haircut $23.67$16.0947.1%
Beauty Salon $65.00$37.3374.1%
Toothpaste $4.49$2.4583.6%
Shampoo $1.69$1.0068.9%
Movie $15.46$10.2850.4%
Bowling $13.00$4.93163.6%

Groceries

ItemPalisades ParkNational avg.Difference
Ground Beef $5.38$3.8041.5%
Fried Chicken $2.08$1.4048.7%
Milk $3.24$2.0161.5%
Potatoes $4.12$3.0136.8%
Pizza $12.04$9.8921.8%
Beer $12.32$8.9038.5%

Health Care

ItemPalisades ParkNational avg.Difference
Optometrist $107.00$102.164.7%
Doctor $105.00$108.363.1%
Dentist $125.00$92.5335.1%
Ibuprofen $11.99$9.2829.2%
Lipitor $435.07$425.822.2%

Housing

ItemPalisades ParkNational avg.Difference
Home Price $506,000.00$184,700.00174.0%
Avg. Mortgage Payment $6,355.59$1,202.44428.6%
Apartment Rent $1,401.00$949.0047.6%

Transportation

ItemPalisades ParkNational avg.Difference
Gasoline $2.45$2.249.3%
Tire Balancing $80.00$46.2972.8%

Utilities

ItemPalisades ParkNational avg.Difference
All Electricity$210.06$165.9626.6%
Phone $30.99$28.688.0%
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.
Greenville CDP (Greene County), NY6041099%
East Orange, NJ64,62111111%
Roselle, NJ21,50711111%
Newark, NJ280,13911212%
Silver Lake, NJ4,00711414%
Palisades Park, NJ20,49916767%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Nixa, MO20,52089-11%
La Cañada Flintridge, CA20,477234134%
Mountain Brook, AL20,53213939%
Pleasantville, NJ20,5321088%
Easley, SC20,46494-6%
Palisades Park, NJ20,49916767%
Source: The Palisades Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.