Cost of Living in Camden, NJ

An Overview of Cost of Living in Camden, NJ

Getting a feel for the cost of living in Camden is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Camden is 91, which is 9% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Camden closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Camden can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in Camden?

Nobody knows their city better than the people who actually live there. So, we asked 10 local residents how they would rate the cost of living in Camden and this is how they responded. 60% of people said that the cost of living was affordable, with prices decreasing, while 40% of people said that the cost of living was very expensive and prices continue to rise.

Is Camden Affordable?

Wondering if Camden is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Camden, for example, the median home price is 55.3% lower than what folks pay nationally, and monthly rent is 1.2% lower than the usual rates. Plus, income levels matter too, with Camden boasting a median household income of $28,623, which is 48.3% lower than the national average.

What Factors can Influence the Cost of Living in Camden?

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 Camden, the transportation index is 6.7% higher than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Camden, healthcare costs are 6.5% lower than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Camden, the groceries index is 2% higher than the national average.

Where is the Data From?

The cost of living in Camden, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.