F
33%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
94%
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 Elmwood Park New Jersey National
Cost of living133121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing194158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Elmwood Park, NJ

The cost of living in Elmwood Park affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Elmwood Park is 133, which is 33% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Elmwood Park is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Elmwood Park falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a major factor in the Elmwood Park cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 93.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Elmwood Park Affordable?

Wondering if Elmwood Park 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 Elmwood Park, for example, the median home price is 100.1% higher than what folks pay nationally, and monthly rent is 78.9% higher than the usual rates. Plus, income levels matter too, with Elmwood Park boasting a median household income of $75,779, which is 37% higher than the national average.

What Factors can Influence the Cost of Living in Elmwood Park?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Elmwood Park, the housing index stands at 93.7% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Elmwood Park, the transportation index is 8.3% higher than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Elmwood Park, the groceries index is 2.1% higher than the national average.

Where is the Data From?

The Elmwood Park 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.

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Cost Of Living Quick Facts

  • The cost of living in Elmwood Park is 10% higher than the New Jersey average
  • The cost of living in Elmwood Park is 33% higher than the national average
  • Elmwood Park housing is 94% 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 Elmwood Park

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Compare Elmwood Park, NJ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      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$91,185$7,599$2,128$2,736
      Renters$61,495$5,125$1,435$1,845
      A good indicator of the general affordability of housing in Elmwood Park, NJ, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Elmwood Park, the median monthly income is $91,185 for those who own their own homes. Under the standard rule, that income level would allow for $2,128 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $61,495, per the median income in the area. That would allow for renters to spend up to $1,435 on monthly rental expenses.

      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 Elmwood Park National avg. Difference
      Haircut $25.62$24.265.6%
      Beauty Salon $41.67$45.568.6%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.48$1.2815.6%
      Movie $15.78$12.1330.1%
      Bowling $21.00$18.0016.7%

      Groceries

      Item Elmwood Park National avg. Difference
      Ground Beef $5.65$5.843.3%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.71$4.670.7%
      Potatoes $5.37$4.938.8%
      Pizza $11.49$12.094.9%
      Beer $11.33$10.418.8%

      Health Care

      Item Elmwood Park National avg. Difference
      Optometrist $157.11$125.6825.0%
      Doctor $115.59$135.7814.9%
      Dentist $124.27$113.299.7%
      Ibuprofen $11.15$10.654.6%
      Lipitor $451.73$468.603.6%

      Housing

      Item Elmwood Park National avg. Difference
      Home Price $369,500.00$184,700.00100.1%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,698.00$949.0078.9%

      Transportation

      Item Elmwood Park National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $82.67$59.9238.0%

      Utilities

      Item Elmwood Park National avg. Difference
      All Electricity $236.04$193.9921.7%
      Phone $186.61$192.252.9%
      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.
      East Orange, NJ64,65011111.1%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Paterson, NJ145,48411515.3%
      Haledon, NJ8,29811919.2%
      Elmwood Park, NJ20,01913332.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Miamisburg, OH20,020954.7%
      Oregon, OH20,007946.3%
      West Chester, PA20,03313029.6%
      Amherst Center, MA20,03712424.2%
      Punta Gorda, FL20,04412221.8%
      Elmwood Park, NJ20,01913332.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.