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.
A general overview of the cost of living index for Silver Lake, NJ is displayed above. In Silver Lake, NJ, the overall cost of living index is 114, which is 9% lower than the New Jersey average and 14% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Silver Lake, NJ, the city's goods and services are 1% higher than the New Jersey average and 13% higher than the U.S. average.
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Did you know?
The cost of living in Silver Lake is 9% lower than the New Jersey average.
The cost of living in Silver Lake is 14% higher than the national average.
The cost of housing in Silver Lake is 21% 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 Silver Lake, 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
Use the salary calculator to compare your current income in Silver Lake, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Silver Lake, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Silver Lake, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Silver Lake, NJ, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Silver Lake, NJ, the median monthly income is $61,582 for those who own their own homes. Under the standard rule, that income level would allow for $1,437 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,458, per the median income in the area. That would allow for renters to spend up to $967 on monthly rental expenses.
New Jersey Sales Tax
General Sales Tax
With Max Surtax
New Jersey Income Tax
Income Tax (Low)
Income Tax (High)
When considering the overall cost of living expenses in Silver Lake, 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 12.875%, 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 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.