F
25%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
69%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Passaic New Jersey National
Cost of living125121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing169158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Passaic, NJ

The cost of living in Passaic affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Passaic is 125, which is 25% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you prioritize affordability when seeking a new place to live, Passaic may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Passaic falls into this category, which may not align with your preferences for a budget-friendly living environment.

When it comes to the cost of living in Passaic, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 69.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Passaic Affordable?

Is Passaic an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Passaic is 88.4% higher than the national average, while the average monthly rent prices are 25.3% higher than average. The affordability of any location can also be influenced by median income levels. Passaic has a median household income of $44,779, which is 19.1% lower than the national average.

What Factors can Influence the Cost of Living in Passaic?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Passaic, the transportation index is 8.3% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Passaic, the baseline sales tax rate begins at 6.625%, and income tax rates start at 1.4%.

Where is the Data From?

The Passaic cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Passaic is 4% higher than the New Jersey average
  • The cost of living in Passaic is 25% higher than the national average
  • Passaic housing is 69% higher than the national average
  • New Jersey general sales tax is 30% higher than the national average
  • New Jersey state income tax is 38% lower than the national average

Most Affordable Places to Live in and Around Passaic

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Compare Passaic, NJ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$86,897$7,241$2,027$2,607
      Renters$36,681$3,057$856$1,101
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Passaic, NJ, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Passaic, homeowners have a median income of $86,897. Using that number, a maximum of $2,027 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $36,681, which means there is a maximum of $856 to be spent on the costs of renting a home or apartment.

      New Jersey Sales Tax

      State General Sales Tax With Max Surtax
      New Jersey 6.625% 12.625%

      New Jersey Income Tax

      State Income Tax (Low) Income Tax (High)
      New Jersey 1.4% 10.75%

      Goods & Services

      Item Passaic National avg. Difference
      Haircut $25.62$24.265.6%
      Beauty Salon $41.67$45.568.6%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.48$1.2815.6%
      Movie $15.78$12.1330.1%
      Bowling $21.00$18.0016.7%

      Groceries

      Item Passaic National avg. Difference
      Ground Beef $5.65$5.843.3%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.71$4.670.7%
      Potatoes $5.37$4.938.8%
      Pizza $11.49$12.094.9%
      Beer $11.33$10.418.8%

      Health Care

      Item Passaic National avg. Difference
      Optometrist $157.11$125.6825.0%
      Doctor $115.59$135.7814.9%
      Dentist $124.27$113.299.7%
      Ibuprofen $11.15$10.654.6%
      Lipitor $451.73$468.603.6%

      Housing

      Item Passaic National avg. Difference
      Home Price $348,000.00$184,700.0088.4%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,189.00$949.0025.3%

      Transportation

      Item Passaic National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $82.67$59.9238.0%

      Utilities

      Item Passaic National avg. Difference
      All Electricity $236.04$193.9921.7%
      Phone $186.61$192.252.9%
      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 Population Cost of Living Index National Avg.
      East Orange, NJ64,65011111.1%
      Roselle, NJ21,69911212.0%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Paterson, NJ145,48411515.3%
      Passaic, NJ69,78912525.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Walnut Creek, CA69,83619898.0%
      Glen Burnie, MD69,64911515.3%
      Greenville, SC69,64811616.1%
      Marysville, WA69,62913434.0%
      Lynwood, CA69,62514140.9%
      Passaic, NJ69,78912525.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.