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.
Displayed above is a general overview of the Ridgewood, NJ cost of living index. The overall cost of living index in Ridgewood, NJ is 179, which is 43% higher than the New Jersey average and 79% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Ridgewood, NJ are 1% higher than the New Jersey average and 13% higher than the national average.
Find Real Estate Listings
New Real Estate Listings In Ridgewood
Did you know?
The cost of living in Ridgewood is 43% higher than the New Jersey average.
The cost of living in Ridgewood is 79% higher than the national average.
The cost of housing in Ridgewood is 237% 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 Ridgewood, NJ Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Ridgewood, NJ to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Ridgewood, NJ, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Ridgewood, NJ salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Ridgewood, NJ, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Ridgewood, NJ has a median income of about $188,396 for people who own homes. Based on that number, a person should spend a maximum of $4,396 on expenses related to housing. Renters have a slightly different median income, which is $89,620. Based on this average, renters should spend no more than $2,091 on all of their rental costs if they want to maintain a non-impoverished standard of living.
New Jersey Sales Tax
General Sales Tax
With Max Surtax
New Jersey Income Tax
Income Tax (Low)
Income Tax (High)
The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Ridgewood, NJ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New Jersey sales tax is 6.625% and the maximum surtax is 12.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.
Goods & Services
Avg. Mortgage Payment
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.