An Overview of Cost of Living in Waldwick, NJ
Knowing the cost of living in Waldwick 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 Waldwick stands at 143, marking it 43% higher than the national average.
The cost of living in Waldwick 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, Waldwick falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a very significant part of the Waldwick 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 129.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Waldwick Affordable?
Wondering if Waldwick 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 Waldwick, for example, the median home price is 150.2% higher than what folks pay nationally, and monthly rent is 81.8% higher than the usual rates. Plus, income levels matter too, with Waldwick boasting a median household income of $127,574, which is 130.6% higher than the national average.
What Factors can Influence the Cost of Living in Waldwick?
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Waldwick, the utilities index is 10.7% higher than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Waldwick, the housing index comes in at 129.7% higher than the national average.
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 Waldwick, the groceries index is 2.1% higher than the national average.
Where is the Data From?
The cost of living data in Waldwick displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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