An Overview of Cost of Living in Marlton, NJ
Are you thinking about relocating, but curious about the potential cost of living in Marlton? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Marlton stands at 113, making it 13% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Housing costs are a very significant part of the Marlton cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 35% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Marlton Affordable?
Is Marlton affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Marlton, for instance, where the median home price falls 35% higher than the national average, and monthly rent rates are 34.9% higher than usual. Additionally, median income levels contribute to the equation, with Marlton flaunting a median household income of $76,929, 39.1% higher than the national norm.
What Factors can Influence the Cost of Living in Marlton?
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Marlton, the utilities index registers 10.4% higher than the national average.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Marlton, the transportation index is 6.7% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Marlton, the prevailing sales tax rate starts at 6.625%, and income tax rates kick off at 1.4%.
Where is the Data From?
The Marlton cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in New Jersey
These are the 10 most affordable cities in New Jersey
Top 10 cities in New Jersey with the best education system
Check out the 10 safest cities in New Jersey