Woodland Park, NJ Cost Of Living

Woodland Park 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.
Index	Woodland Park	New Jersey	National
Cost of living index	133	125	100
Index	Woodland Park	New Jersey	National
Goods & Services index	113	112	100
Groceries index	107	105	100
Health care index	102	104	100
Housing index	184	158	100
Transportation index	113	112	100
Utilities index	115	115	100

A general summary of the cost of living index in Woodland Park, NJ is shown above. Compared to the state average of New Jersey the cost of living index in Woodland Park, NJ is 133, which is 6% higher than the average in New Jersey and compared to the national average it is 33% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Woodland Park, NJ goods and services come in at 1% higher than the average in New Jersey and are 13% higher than compared to the nationwide average.

Did you know?

The cost of living in Woodland Park is 6% higher than the New Jersey average.
The cost of living in Woodland Park is 33% higher than the national average.
The cost of housing in Woodland Park 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 37% lower than the national average.

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Salary Calculator

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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

Using the salary calculator lets you compare the salary you earn in Woodland Park, NJ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Woodland Park, NJ, you have to earn a higher income in order to still have the same standard of living. To operate the Woodland Park, NJ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

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 indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Woodland Park, NJ 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 should have a maximum of $1,175 used for their rent related monthly costs.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	6.625%	12.875%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	8.97%

The New Jersey sales tax and New Jersey income tax rates should definitely be considered when determining the overall cost of living in Woodland Park, 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

Item	Woodland Park	National avg.	Difference
Haircut	$22.60	$16.09	40.5%
Beauty Salon	$37.53	$37.33	0.5%
Toothpaste	$2.07	$2.45	15.4%
Shampoo	$0.99	$1.00	1.1%
Movie	$11.68	$10.28	13.6%
Bowling	$4.90	$4.93	0.6%

Groceries

Item	Woodland Park	National avg.	Difference
Ground Beef	$3.54	$3.80	7.0%
Fried Chicken	$1.69	$1.40	21.0%
Milk	$2.27	$2.01	12.9%
Potatoes	$3.12	$3.01	3.7%
Pizza	$8.59	$9.89	13.1%
Beer	$8.92	$8.90	0.3%

Health Care

Item	Woodland Park	National avg.	Difference
Optometrist	$100.58	$102.16	1.5%
Doctor	$96.29	$108.36	11.1%
Dentist	$99.80	$92.53	7.9%
Ibuprofen	$8.79	$9.28	5.3%
Lipitor	$484.38	$425.82	13.8%

Housing

Item	Woodland Park	National avg.	Difference
Home Price	$371,000.00	$184,700.00	100.9%
Avg. Mortgage Payment	$1,826.72	$1,202.44	51.9%
Apartment Rent	$1,362.00	$949.00	43.5%

Transportation

Item	Woodland Park	National avg.	Difference
Gasoline	$2.39	$2.24	6.5%
Tire Balancing	$58.19	$46.29	25.7%

Utilities

Item	Woodland Park	National avg.	Difference
All Electricity	$190.86	$165.96	15.0%
Phone	$33.50	$28.68	16.8%

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, State	Population	Cost of Living Index	National Avg.
East Orange, NJ	64,621	111	11%
Newark, NJ	280,139	112	12%
Silver Lake, NJ	4,007	114	14%
Paterson, NJ	146,894	115	15%
Silver Lake CDP (Warren County), NJ	320	117	17%
Woodland Park, NJ	12,358	133	33%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Beatrice, NE	12,358	85	-15%
Mount Sinai, NY	12,362	147	47%
Glenpool, OK	12,351	95	-5%
Plover, WI	12,350	92	-8%
Cleveland, MS	12,346	82	-18%
Woodland Park, NJ	12,358	133	33%

Source: The Woodland Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Woodland Park, NJ Cost of Living