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.
IndexWoodland ParkNew JerseyNational
Cost of living index132123100
IndexWoodland ParkNew JerseyNational
Goods & Services index114111100
Groceries index108110100
Health care index107102100
Housing index184158100
Transportation index111110100
Utilities index105100100
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 132, which is 7% higher than the average in New Jersey and compared to the national average it is 32% 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 2% higher than the average in New Jersey and are 14% higher than compared to the nationwide average.
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Did you know?

  • The cost of living in Woodland Park is 7% higher than the New Jersey average.
  • The cost of living in Woodland Park is 32% 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.

Compare Woodland Park, NJ Cost of living To Other Cities

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      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 IncomePer YearPer MonthMax 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

      StateGeneral Sales TaxWith Max Surtax
      New Jersey6.625%12.625%

      New Jersey Income Tax

      StateIncome Tax (Low)Income Tax (High)
      New Jersey1.4%10.75%
      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 12.625%. 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 10.75%.

      Goods & Services

      ItemWoodland ParkNational avg.Difference
      Haircut $24.00$17.4937.2%
      Beauty Salon $39.00$38.172.2%
      Toothpaste $2.01$2.3213.4%
      Shampoo $1.09$1.017.7%
      Movie $12.14$10.7213.2%
      Bowling $18.40$13.8632.7%

      Groceries

      ItemWoodland ParkNational avg.Difference
      Ground Beef $3.85$3.901.3%
      Fried Chicken $1.66$1.4018.9%
      Milk $2.21$1.9612.6%
      Potatoes $3.39$3.186.5%
      Pizza $11.99$10.3915.4%
      Beer $8.99$9.232.6%

      Health Care

      ItemWoodland ParkNational avg.Difference
      Optometrist $113.00$106.346.3%
      Doctor $96.67$115.2516.1%
      Dentist $121.00$98.3823.0%
      Ibuprofen $8.95$9.263.4%
      Lipitor $537.05$466.4715.1%

      Housing

      ItemWoodland ParkNational avg.Difference
      Home Price $371,000.00$184,700.00100.9%
      Avg. Mortgage Payment $2,311.62$1,273.3281.5%
      Apartment Rent $1,362.00$949.0043.5%

      Transportation

      ItemWoodland ParkNational avg.Difference
      Gasoline $2.77$2.597.0%
      Tire Balancing $59.00$48.9020.7%

      Utilities

      ItemWoodland ParkNational avg.Difference
      All Electricity$184.45$167.6010.1%
      Phone $177.03$163.428.3%
      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, StatePopulationCost of Living IndexNational Avg.
      East Orange, NJ64,62111111%
      Newark, NJ280,13911212%
      Silver Lake, NJ4,00711414%
      Paterson, NJ146,89411515%
      Silver Lake CDP (Warren County), NJ32011717%
      Woodland Park, NJ12,35813232%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Beatrice, NE12,35886-14%
      Mount Sinai, NY12,36215454%
      Glenpool, OK12,35189-11%
      Plover, WI12,35094-6%
      Cleveland, MS12,34679-21%
      Woodland Park, NJ12,35813232%
      Source: The Woodland Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.