D+
7%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
19%
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 Somers Point New Jersey National
Cost of living107121100
Goods & Services101106100
Groceries100102100
Health care9999100
Housing119158100
Transportation101103100
Utilities107107100

An Overview of Cost of Living in Somers Point, NJ

Understanding the cost of living in Somers Point 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 Somers Point cost of living index is 107, which is 7% 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.

Everyday expenditures like food, housing, goods and services, transportation and health care in Somers Point are priced in a manner consistent with other areas. This means that residents of Somers Point can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Somers Point Affordable?

Wondering if Somers Point 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 Somers Point, for example, the median home price is 18.8% higher than what folks pay nationally, and monthly rent is 20.4% higher than the usual rates. Plus, income levels matter too, with Somers Point boasting a median household income of $63,150, which is 14.1% higher than the national average.

What Factors can Influence the Cost of Living in Somers Point?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

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 Somers Point, the housing index stands at 19.3% 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 Somers Point, the groceries index is 0.1% lower than the national average.

Where is the Data From?

The Somers Point 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 Somers Point is 11% lower than the New Jersey average
  • The cost of living in Somers Point is 7% higher than the national average
  • Somers Point housing is 19% 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 Somers Point

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Compare Somers Point, 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$86,572$7,214$2,020$2,597
          Renters$37,806$3,151$882$1,134
          The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Somers Point, NJ, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Somers Point homeowners, is $86,572. This would allow for a maximum of $2,020 per month to be spent on housing costs. For renters, the median monthly income is $37,806 which would result in a maximum of $882 to be spent on rental 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 Somers Point National avg. Difference
          Haircut $23.17$24.264.5%
          Beauty Salon $52.17$45.5614.5%
          Toothpaste $3.59$3.703.1%
          Shampoo $1.28$1.280.0%
          Movie $12.40$12.132.2%
          Bowling $19.44$18.008.0%

          Groceries

          Item Somers Point National avg. Difference
          Ground Beef $6.11$5.844.7%
          Fried Chicken $1.41$1.5710.1%
          Milk $4.68$4.670.1%
          Potatoes $5.38$4.939.0%
          Pizza $12.29$12.091.7%
          Beer $11.43$10.419.8%

          Health Care

          Item Somers Point National avg. Difference
          Optometrist $143.30$125.6814.0%
          Doctor $134.50$135.780.9%
          Dentist $120.11$113.296.0%
          Ibuprofen $10.51$10.651.3%
          Lipitor $377.86$468.6019.4%

          Housing

          Item Somers Point National avg. Difference
          Home Price $219,500.00$184,700.0018.8%
          Avg. Mortgage Payment $1,951.15$2,346.6916.9%
          Apartment Rent $1,143.00$949.0020.4%

          Transportation

          Item Somers Point National avg. Difference
          Gasoline $3.44$3.460.5%
          Tire Balancing $62.39$59.924.1%

          Utilities

          Item Somers Point National avg. Difference
          All Electricity $214.53$193.9910.6%
          Phone $195.25$192.251.6%
          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.
          Strathmere, NJ591021.7%
          Pleasantville, NJ20,226982.1%
          Egg Harbor City, NJ4,072981.9%
          Atlantic City, NJ37,793981.5%
          Woodbine, NJ2,352972.7%
          Somers Point, NJ10,2501077.0%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          Shelburne, ON10,249n/a 
          Sumner, WA10,24613333.5%
          Bound Brook, NJ10,25412120.6%
          Alfred and Plantagenet, ON10,255n/a 
          Doraville, GA10,2441076.6%
          Somers Point, NJ10,2501077.0%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.