Cost of Living in Cape May, NJ

F
56%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
182%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Cape May New Jersey National
Cost of living156121100
Goods & Services106106100
Groceries100102100
Health care10499100
Housing282158100
Transportation98103100
Utilities95107100
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Cost Of Living Quick Facts

  • The cost of living in Cape May is 29% higher than the New Jersey average
  • The cost of living in Cape May is 56% higher than the national average
  • Cape May housing is 182% higher than the national average
  • New Jersey general sales tax is 30% higher than the national average
  • New Jersey state income tax is 46% lower than the national average

Most Affordable Places to Live in and Around Cape May

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Compare Cape May, NJ Cost of Living

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      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$92,083$7,674$2,148$2,763
      Renters$49,800$4,150$1,162$1,494

      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 Cape May National avg. Difference
      Haircut $29.11$24.2620.0%
      Beauty Salon $52.88$45.5616.1%
      Toothpaste $3.76$3.701.6%
      Shampoo $1.20$1.286.5%
      Movie $13.93$12.1314.8%
      Bowling $23.28$18.0029.3%

      Groceries

      Item Cape May National avg. Difference
      Ground Beef $5.47$5.846.3%
      Fried Chicken $1.34$1.5714.8%
      Milk $4.61$4.671.3%
      Potatoes $5.39$4.939.2%
      Pizza $12.81$12.096.0%
      Beer $10.53$10.411.1%

      Health Care

      Item Cape May National avg. Difference
      Optometrist $144.11$125.6814.7%
      Doctor $139.66$135.782.9%
      Dentist $132.33$113.2916.8%
      Ibuprofen $10.65$10.650.0%
      Lipitor $369.07$468.6021.2%

      Housing

      Item Cape May National avg. Difference
      Home Price $651,600.00$184,700.00252.8%
      Avg. Mortgage Payment $2,380.70$2,346.691.4%
      Apartment Rent $1,119.00$949.0017.9%

      Transportation

      Item Cape May National avg. Difference
      Gasoline $3.40$3.461.7%
      Tire Balancing $57.32$59.924.3%

      Utilities

      Item Cape May National avg. Difference
      All Electricity $182.13$193.996.1%
      Phone $182.79$192.254.9%
      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.
      Burleigh, NJ4291010.8%
      Whitesboro, NJ2,5881011.0%
      Villas, NJ9,6971055.1%
      North Cape May, NJ3,74911010.1%
      Wildwood, NJ4,98511110.6%
      Cape May, NJ3,44615656.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Red Oak, NC3,4461032.5%
      Woodstown, NJ3,4451087.7%
      Mariemont, OH3,44513029.9%
      Malvern, PA3,44513333.0%
      Blissfield, MI3,447936.6%
      Cape May, NJ3,44615656.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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