F
43%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
130%
Housing NAT. AVG.
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 Waldwick New Jersey National
Cost of living143121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing230158100
Transportation108103100
Utilities111107100

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.

Cost Of Living Quick Facts

  • The cost of living in Waldwick is 19% higher than the New Jersey average
  • The cost of living in Waldwick is 43% higher than the national average
  • Waldwick housing is 130% 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 Waldwick

See all the best places to live around Waldwick

Compare Waldwick, NJ Cost of Living

      vs
      How would you rate the cost of living in Waldwick?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Waldwick?
      Write a review to give others more information about this area.
      See all Waldwick poll results

      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$136,276$11,356$3,180$4,089
          Renters$75,337$6,278$1,758$2,260
          The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Waldwick, 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 Waldwick homeowners, is $136,276. This would allow for a maximum of $3,180 per month to be spent on housing costs. For renters, the median monthly income is $75,337 which would result in a maximum of $1,758 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 Waldwick 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 Waldwick 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 Waldwick 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 Waldwick National avg. Difference
          Home Price $462,200.00$184,700.00150.2%
          Avg. Mortgage Payment $3,568.94$2,346.6952.1%
          Apartment Rent $1,725.00$949.0081.8%

          Transportation

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

          Utilities

          Item Waldwick 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.
          Greenwood Lake, NY3,0801109.8%
          Paterson, NJ145,48411515.3%
          Mount Ivy, NY7,39012221.6%
          Haverstraw, NY12,07612322.7%
          West Haverstraw, NY10,22012323.1%
          Waldwick, NJ10,05114343.4%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          Glenwood Springs, CO10,04813131.2%
          Fairmont, MN10,0429010.0%
          Bastrop, LA10,0607723.3%
          Cypress Gardens, FL10,0401011.0%
          Cedartown, GA10,0628614.3%
          Waldwick, NJ10,05114343.4%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.