| Index | Paramus | New Jersey | National |
| Cost of living | 173 | 125 | 100 |
| Groceries | 108 | 108 | 100 |
| Health care | 108 | 112 | 100 |
| Housing | 319 | 157 | 100 |
| Transportation | 110 | 114 | 100 |
| Utilities | 108 | 111 | 100 |
| Lifestyle & Entertainment | 114 | 113 | 100 |
| Household Items | 108 | 107 | 100 |
| Education & Childcare | 120 | 120 | 100 |
Knowing the cost of living in Paramus allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Paramus stands at 173, marking it 73% higher than the national average.
The cost of living in Paramus is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Paramus falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in Paramus, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 218.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Paramus affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Paramus, for instance, where the median home price falls 243.7% higher than the national average, and monthly rent rates are 160.5% higher than usual. Additionally, median income levels contribute to the equation, with Paramus flaunting a median household income of $195,735, 140.7% higher than the national norm.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Paramus, the transportation index is 9.5% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Paramus, the groceries index registers 7.7% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Paramus, the utilities index registers at 8.2% higher than the national average.
The Paramus cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $200,189 | $16,682 | $4,671 | $6,006 |
| Renters | $115,694 | $9,641 | $2,699 | $3,471 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| Greenville CDP (Greene County), NY | 616 | 106 | 6.1% |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Silver Lake CDP (Warren County), NJ | 326 | 117 | 17.3% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| Prospect Park, NJ | 5,987 | 125 | 25.1% |
| Paramus, NJ | 27,330 | 173 | 72.8% |
| City | Population | Cost of Living Index | National Avg. |
| Cabot, AR | 27,309 | 94 | 6.1% |
| Pearl, MS | 27,352 | 90 | 10.1% |
| Garden City, KS | 27,354 | 93 | 6.6% |
| Bayonet Point, FL | 27,360 | 93 | 7.2% |
| Maple Valley, WA | 27,291 | 148 | 47.6% |
| Paramus, NJ | 27,330 | 173 | 72.8% |
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