Pompton Lakes 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.
IndexPompton LakesNew JerseyNational
Cost of living index125123100
IndexPompton LakesNew JerseyNational
Goods & Services index114111100
Groceries index108110100
Health care index107102100
Housing index157158100
Transportation index111110100
Utilities index105100100
An overview of the general cost of living index for Pompton Lakes, NJ is displayed above for your reference. Residents in Pompton Lakes, NJ enjoy a cost of living index of 125. This index is 1% higher than the New Jersey average, and 25% 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 Pompton Lakes, NJ, the average cost of goods and services is 2% higher than it is in New Jersey, and it is 14% higher than the national average.
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Did you know?

  • The cost of living in Pompton Lakes is 1% higher than the New Jersey average.
  • The cost of living in Pompton Lakes is 25% higher than the national average.
  • The cost of housing in Pompton Lakes is 57% 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 Pompton Lakes, NJ Cost of living To Other Cities

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      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
      The salary calculator is meant to help you compare your salary in Pompton Lakes, NJ to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Pompton Lakes, NJ, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Pompton Lakes, NJ salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$97,070$8,089$2,265$2,912
      Renters$62,833$5,236$1,466$1,885
      One can approximate the cost of living and the housing affordability in Pompton Lakes, NJ by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Pompton Lakes, NJ have a median income of $97,070. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,265 per month to avoid calamity and poverty. The renters in the city have an income of about $62,833, which would make their monthly maximum allowable rental costs $1,466.

      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%10.75%
      When considering the overall cost of living expenses in Pompton Lakes, 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 12.625%, 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 10.75%.

      Goods & Services

      ItemPompton LakesNational avg.Difference
      Haircut $24.00$17.4937.2%
      Beauty Salon $39.00$38.172.2%
      Toothpaste $2.01$2.3213.4%
      Shampoo $1.09$1.017.7%
      Movie $12.14$10.7213.2%
      Bowling $18.40$13.8632.7%

      Groceries

      ItemPompton LakesNational avg.Difference
      Ground Beef $3.85$3.901.3%
      Fried Chicken $1.66$1.4018.9%
      Milk $2.21$1.9612.6%
      Potatoes $3.39$3.186.5%
      Pizza $11.99$10.3915.4%
      Beer $8.99$9.232.6%

      Health Care

      ItemPompton LakesNational avg.Difference
      Optometrist $113.00$106.346.3%
      Doctor $96.67$115.2516.1%
      Dentist $121.00$98.3823.0%
      Ibuprofen $8.95$9.263.4%
      Lipitor $537.05$466.4715.1%

      Housing

      ItemPompton LakesNational avg.Difference
      Home Price $294,800.00$184,700.0059.6%
      Avg. Mortgage Payment $2,311.62$1,273.3281.5%
      Apartment Rent $1,440.00$949.0051.7%

      Transportation

      ItemPompton LakesNational avg.Difference
      Gasoline $2.77$2.597.0%
      Tire Balancing $59.00$48.9020.7%

      Utilities

      ItemPompton LakesNational avg.Difference
      All Electricity$184.45$167.6010.1%
      Phone $177.03$163.428.3%
      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.
      Vernon Center, NJ1,8871011%
      Victory Gardens, NJ1,6231033%
      Hamburg, NJ3,1941066%
      Highland Lakes, NJ4,83411212%
      Paterson, NJ146,89411515%
      Pompton Lakes, NJ11,16312525%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Seymour, TN11,16486-14%
      Raymondville, TX11,16568-32%
      Branson, MO11,15891-9%
      Westview, FL11,15799-1%
      Westwood, NJ11,17014343%
      Pompton Lakes, NJ11,16312525%
      Source: The Pompton Lakes, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.