F
24%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
80%
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 Lincoln Park New Jersey National
Cost of living124121100
Goods & Services100106100
Groceries102102100
Health care9999100
Housing180158100
Transportation95103100
Utilities102107100

An Overview of Cost of Living in Lincoln Park, NJ

Understanding the cost of living in Lincoln Park 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 Lincoln Park cost of living index is 124, which is 24% 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.

The cost of living in Lincoln Park is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Lincoln Park falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs significantly influence the Lincoln Park cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 79.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Lincoln Park Affordable?

Is Lincoln Park 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 Lincoln Park, for instance, where the median home price falls 86.5% higher than the national average, and monthly rent rates are 64.5% higher than usual. Additionally, median income levels contribute to the equation, with Lincoln Park flaunting a median household income of $100,248, 81.2% higher than the national norm.

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

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 Lincoln Park, the prevailing sales tax rate starts at 6.625%, and income tax rates kick off at 1.4%.

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 Lincoln Park, the groceries index is 1.7% higher than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Lincoln Park, the transportation index is 4.7% lower than the national average.

Where is the Data From?

The cost of living in Lincoln Park, 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.

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Cost Of Living Quick Facts

  • The cost of living in Lincoln Park is 3% higher than the New Jersey average
  • The cost of living in Lincoln Park is 24% higher than the national average
  • Lincoln Park housing is 80% 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 Lincoln Park

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Compare Lincoln 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$108,352$9,029$2,528$3,251
      Renters$73,125$6,094$1,706$2,194
      The affordability of the housing market in Lincoln Park, NJ as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lincoln Park homeowners, the median income is $108,352. This indicates that a monthly maximum of $2,528 should be spent by homeowners on all housing related costs. Renters have a median income of $73,125. This indicates that renters would have a maximum of $1,706 for their rent related monthly costs.

      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 Lincoln Park National avg. Difference
      Haircut $29.17$24.2620.2%
      Beauty Salon $40.36$45.5611.4%
      Toothpaste $3.66$3.701.2%
      Shampoo $1.44$1.2812.1%
      Movie $14.15$12.1316.6%
      Bowling $25.03$18.0039.0%

      Groceries

      Item Lincoln Park National avg. Difference
      Ground Beef $5.64$5.843.5%
      Fried Chicken $1.55$1.571.4%
      Milk $4.74$4.671.5%
      Potatoes $5.21$4.935.7%
      Pizza $11.49$12.094.9%
      Beer $11.66$10.4112.0%

      Health Care

      Item Lincoln Park National avg. Difference
      Optometrist $105.11$125.6816.4%
      Doctor $117.94$135.7813.1%
      Dentist $121.22$113.297.0%
      Ibuprofen $11.05$10.653.7%
      Lipitor $427.79$468.608.7%

      Housing

      Item Lincoln Park National avg. Difference
      Home Price $344,400.00$184,700.0086.5%
      Avg. Mortgage Payment $3,303.56$2,346.6940.8%
      Apartment Rent $1,561.00$949.0064.5%

      Transportation

      Item Lincoln Park National avg. Difference
      Gasoline $3.45$3.460.2%
      Tire Balancing $77.33$59.9229.1%

      Utilities

      Item Lincoln Park National avg. Difference
      All Electricity $230.68$193.9918.9%
      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.
      Victory Gardens, NJ1,6041011.2%
      Franklin, NJ4,7371021.9%
      East Orange, NJ64,65011111.1%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Lincoln Park, NJ10,22012424.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      West Haverstraw, NY10,22012323.1%
      Newberry, SC10,2198911.2%
      Keokuk, IA10,2258415.5%
      Mount Airy, NC10,213919.2%
      Browns Mills, NJ10,2281044.2%
      Lincoln Park, NJ10,22012424.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.