Woodland Park, New Jersey Cost Of Living

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F

Overall 32%

Goods & Services 12%

Housing 84%

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	Woodland Park	New Jersey	National
Cost of living	132	121	100
Goods & Services	112	105	100
Groceries	109	107	100
Health care	97	96	100
Housing	184	158	100
Transportation	107	105	100
Utilities	108	105	100

Key findings

The cost of living in Woodland Park is 9% higher than the New Jersey average
The cost of living in Woodland Park is 32% higher than the national average
Woodland Park housing is 84% 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	$96,350	$8,029	$2,248	$2,891
Renters	$50,360	$4,197	$1,175	$1,511

The affordability of the housing market in Woodland Park, 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 Woodland Park homeowners, the median income is $96,350. This indicates that a monthly maximum of $2,248 should be spent by homeowners on all housing related costs. Renters have a median income of $50,360. This indicates that renters would have a maximum of $1,175 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	Woodland Park	National avg.	Difference
Haircut	$22.20	$20.27	9.5%
Beauty Salon	$36.73	$40.39	9.1%
Toothpaste	$2.31	$2.36	2.1%
Shampoo	$1.38	$1.08	27.9%
Movie	$12.96	$10.99	17.9%
Bowling	$20.02	$15.49	29.3%

Groceries

Item	Woodland Park	National avg.	Difference
Ground Beef	$4.10	$4.30	4.7%
Fried Chicken	$1.94	$1.40	38.4%
Milk	$2.54	$2.20	15.5%
Potatoes	$3.26	$3.22	1.2%
Pizza	$11.19	$10.74	4.2%
Beer	$8.99	$9.60	6.3%

Health Care

Item	Woodland Park	National avg.	Difference
Optometrist	$104.00	$109.73	5.2%
Doctor	$89.00	$118.34	24.8%
Dentist	$103.20	$100.94	2.2%
Ibuprofen	$9.22	$9.93	7.1%
Lipitor	$553.44	$469.53	17.9%

Housing

Item	Woodland Park	National avg.	Difference
Home Price	$371,000.00	$184,700.00	100.9%
Avg. Mortgage Payment	$1,981.54	$1,229.62	61.2%
Apartment Rent	$1,362.00	$949.00	43.5%

Transportation

Item	Woodland Park	National avg.	Difference
Gasoline	$2.83	$2.71	4.6%
Tire Balancing	$58.00	$51.86	11.8%

Utilities

Item	Woodland Park	National avg.	Difference
All Electricity	$198.10	$170.84	16.0%
Phone	$183.25	$187.18	2.1%

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.
East Orange, NJ	64,621	110	9.7%
Newark, NJ	280,139	111	11.0%
Silver Lake, NJ	4,007	113	12.8%
Paterson, NJ	146,894	114	13.9%
Silver Lake CDP (Warren County), NJ	320	115	15.1%
Woodland Park, NJ	12,358	132	31.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Beatrice, NE	12,358	86	14.2%
Wellesley, ON	12,358	n/a
Mount Sinai, NY	12,362	149	49.3%
Glenpool, OK	12,351	91	9.0%
Plover, WI	12,350	91	9.2%
Woodland Park, NJ	12,358	132	31.5%

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