F
67%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
209%
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 Glen Rock New Jersey National
Cost of living167121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing309158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Glen Rock, NJ

Understanding the cost of living in Glen Rock can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Glen Rock cost of living index is 167, which is 67% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you prioritize affordability when seeking a new place to live, Glen Rock may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Glen Rock falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a very significant part of the Glen Rock 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 209.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Glen Rock Affordable?

Is Glen Rock 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 Glen Rock, for instance, where the median home price falls 260.9% higher than the national average, and monthly rent rates are 88.7% higher than usual. Additionally, median income levels contribute to the equation, with Glen Rock flaunting a median household income of $178,607, 222.8% higher than the national norm.

What Factors can Influence the Cost of Living in Glen Rock?

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Glen Rock, the groceries index is 2.1% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Glen Rock, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Glen Rock, the transportation index is 8.3% higher than the national average.

Where is the Data From?

The Glen Rock cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Glen Rock is 38% higher than the New Jersey average
  • The cost of living in Glen Rock is 67% higher than the national average
  • Glen Rock housing is 209% 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 Glen Rock

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Compare Glen Rock, 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$191,917$15,993$4,478$5,758
      Renters$90,156$7,513$2,103$2,705
      A good way to judge both the affordability of the housing and the cost of living in Glen Rock is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Glen Rock has a median income of about $191,917 for people who own homes. Based on that number, a maximum of $4,478 should be spent on expenses related to housing. Renters have a slightly different median income, which is $90,156. Based on this average, renters should spend no more than $2,103 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Glen Rock 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 Glen Rock 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 Glen Rock 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 Glen Rock National avg. Difference
      Home Price $666,600.00$184,700.00260.9%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,791.00$949.0088.7%

      Transportation

      Item Glen Rock National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $82.67$59.9238.0%

      Utilities

      Item Glen Rock 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%
      Paterson, NJ145,48411515.3%
      Haledon, NJ8,29811919.2%
      Prospect Park, NJ5,85312019.7%
      Glen Rock, NJ11,74716767.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hamilton, ON11,739n/a 
      Freehold, NJ11,75512525.0%
      Archdale, NC11,7389010.5%
      Coldstream, BC11,728n/a 
      Oskaloosa, IA11,7278317.0%
      Glen Rock, NJ11,74716767.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.