Red Bank, New Jersey Cost Of Living

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F

Overall 44%

Goods & Services 33%

Housing 78%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Red Bank	New Jersey	National
Cost of living	144	121	100
Goods & Services	133	105	100
Groceries	145	107	100
Health care	109	96	100
Housing	178	158	100
Transportation	128	105	100
Utilities	103	105	100

Key findings

The cost of living in Red Bank is 19% higher than the New Jersey average
The cost of living in Red Bank is 44% higher than the national average
Red Bank housing is 78% higher than the national average
New Jersey general sales tax is 30% higher than the national average
New Jersey state income tax is 43% lower than the national average

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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	$94,245	$7,854	$2,199	$2,828
Renters	$43,333	$3,611	$1,011	$1,300

The affordability of the housing market in Red Bank, NJ as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Red Bank homeowners, the median income is $94,245. This indicates that a monthly maximum of $2,199 should be spent by homeowners on all housing related costs. Renters have a median income of $43,333. This indicates that renters would have a maximum of $1,011 for their rent related monthly costs.

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	Red Bank	National avg.	Difference
Haircut	$27.40	$20.27	35.2%
Beauty Salon	$59.74	$40.39	47.9%
Toothpaste	$4.12	$2.36	74.8%
Shampoo	$1.77	$1.08	64.1%
Movie	$17.84	$10.99	62.4%
Bowling	$22.97	$15.49	48.3%

Groceries

Item	Red Bank	National avg.	Difference
Ground Beef	$4.90	$4.30	14.1%
Fried Chicken	$2.31	$1.40	64.8%
Milk	$2.84	$2.20	28.9%
Potatoes	$3.99	$3.22	23.9%
Pizza	$12.14	$10.74	13.1%
Beer	$12.92	$9.60	34.6%

Health Care

Item	Red Bank	National avg.	Difference
Optometrist	$108.08	$109.73	1.5%
Doctor	$106.72	$118.34	9.8%
Dentist	$124.43	$100.94	23.3%
Ibuprofen	$13.51	$9.93	36.0%
Lipitor	$442.91	$469.53	5.7%

Housing

Item	Red Bank	National avg.	Difference
Home Price	$358,200.00	$184,700.00	93.9%
Avg. Mortgage Payment	$7,607.41	$1,229.62	518.7%
Apartment Rent	$1,352.00	$949.00	42.5%

Transportation

Item	Red Bank	National avg.	Difference
Gasoline	$3.02	$2.71	11.5%
Tire Balancing	$80.22	$51.86	54.7%

Utilities

Item	Red Bank	National avg.	Difference
All Electricity	$174.72	$170.84	2.3%
Phone	$192.91	$187.18	3.1%

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.
Keansburg, NJ	9,904	107	7.0%
Highlands, NJ	4,900	129	28.8%
Laurence Harbor, NJ	6,584	114	13.8%
Keyport, NJ	7,136	114	14.0%
Perth Amboy, NJ	52,265	114	14.2%
Red Bank, NJ	12,218	144	43.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Yulee, FL	12,217	95	4.6%
Gulfport, FL	12,222	93	7.4%
Riverview, MI	12,208	93	6.8%
South Miami, FL	12,207	130	30.3%
Somerville, NJ	12,207	119	19.2%
Red Bank, NJ	12,218	144	43.6%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.