F
33%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
102%
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 Moorestown-Lenola New Jersey National
Cost of living133121100
Goods & Services103106100
Groceries102102100
Health care9499100
Housing202158100
Transportation107103100
Utilities110107100

An Overview of Cost of Living in Moorestown-Lenola, NJ

Knowing the cost of living in Moorestown-Lenola allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Moorestown-Lenola stands at 133, marking it 33% higher than the national average.

If you prioritize affordability when seeking a new place to live, Moorestown-Lenola 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, Moorestown-Lenola falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Moorestown-Lenola, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 101.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Moorestown-Lenola Affordable?

Is Moorestown-Lenola an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Moorestown-Lenola, the median home price is 133.4% higher than what most folks pay across the country, and monthly rent prices are 27.9% higher than the usual rates. Income levels in Moorestown-Lenola come in at $133,780, which is 141.8% higher than the national average.

What Factors can Influence the Cost of Living in Moorestown-Lenola?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Moorestown-Lenola, healthcare costs are 6.5% lower than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The Moorestown-Lenola 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 Moorestown-Lenola is 10% higher than the New Jersey average
  • The cost of living in Moorestown-Lenola is 33% higher than the national average
  • Moorestown-Lenola housing is 102% 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 Moorestown-Lenola

See all the best places to live around Moorestown-Lenola

Compare Moorestown-Lenola, 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$154,597$12,883$3,607$4,638
      Renters$68,145$5,679$1,590$2,045
      The affordability of the housing market in Moorestown-Lenola, 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 Moorestown-Lenola homeowners, the median income is $154,597. This indicates that a monthly maximum of $3,607 should be spent by homeowners on all housing related costs. Renters have a median income of $68,145. This indicates that renters would have a maximum of $1,590 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 Moorestown-Lenola National avg. Difference
      Haircut $23.54$24.263.0%
      Beauty Salon $66.27$45.5645.4%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.52$1.2818.4%
      Movie $13.75$12.1313.3%
      Bowling $19.47$18.008.1%

      Groceries

      Item Moorestown-Lenola National avg. Difference
      Ground Beef $5.76$5.841.3%
      Fried Chicken $1.46$1.577.4%
      Milk $4.67$4.670.0%
      Potatoes $5.37$4.938.8%
      Pizza $11.73$12.092.9%
      Beer $11.99$10.4115.2%

      Health Care

      Item Moorestown-Lenola National avg. Difference
      Optometrist $123.50$125.681.7%
      Doctor $132.56$135.782.4%
      Dentist $103.31$113.298.8%
      Ibuprofen $11.22$10.655.3%
      Lipitor $398.10$468.6015.0%

      Housing

      Item Moorestown-Lenola National avg. Difference
      Home Price $431,100.00$184,700.00133.4%
      Avg. Mortgage Payment $2,169.88$2,346.697.5%
      Apartment Rent $1,214.00$949.0027.9%

      Transportation

      Item Moorestown-Lenola National avg. Difference
      Gasoline $3.53$3.462.0%
      Tire Balancing $70.89$59.9218.3%

      Utilities

      Item Moorestown-Lenola National avg. Difference
      All Electricity $222.45$193.9914.7%
      Phone $198.27$192.253.1%
      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.
      Pine Valley, NJ111043.8%
      Tavistock, NJ51043.8%
      Arcadia University, PA5951043.8%
      Audubon Park, NJ9698712.8%
      Camden, NJ73,742919.1%
      Moorestown-Lenola, NJ13,87913333.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Riverhead, NY13,87913131.5%
      Collingswood, NJ13,88211414.0%
      Chesterton, IN13,8841054.6%
      Brandermill, VA13,88711414.0%
      Lacombe, AB13,889n/a 
      Moorestown-Lenola, NJ13,87913333.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.