F
38%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
107%
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 West Freehold New Jersey National
Cost of living138121100
Goods & Services111106100
Groceries103102100
Health care10299100
Housing207158100
Transportation105103100
Utilities108107100

An Overview of Cost of Living in West Freehold, NJ

Understanding the cost of living in West Freehold 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 West Freehold cost of living index is 138, which is 38% 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 West Freehold 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, West Freehold falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the West Freehold cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 107% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, West Freehold goods and services are 11.3% more expensive than the national average, leaving you with less money at the end of the month.

Is West Freehold Affordable?

Is West Freehold affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in West Freehold, the median home price is 120.1% higher than the national average and monthly rent prices are 76.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with West Freehold boasting a median household income of $110,556, 99.8% higher than the national average.

What Factors can Influence the Cost of Living in West Freehold?

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in West Freehold comes in at 8.3% higher 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 West Freehold 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 West Freehold is 14% higher than the New Jersey average
  • The cost of living in West Freehold is 38% higher than the national average
  • West Freehold housing is 107% 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 West Freehold

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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$134,583$11,215$3,140$4,038
          Renters$66,009$5,501$1,540$1,980
          The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in West Freehold, NJ, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In West Freehold, homeowners have a median income of $134,583. Using that number, a maximum of $3,140 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $66,009, which means there is a maximum of $1,540 to be spent on the costs of renting a home or apartment.

          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 West Freehold National avg. Difference
          Haircut $30.25$24.2624.7%
          Beauty Salon $53.00$45.5616.3%
          Toothpaste $3.75$3.701.3%
          Shampoo $1.53$1.2819.8%
          Movie $14.53$12.1319.7%
          Bowling $20.98$18.0016.6%

          Groceries

          Item West Freehold National avg. Difference
          Ground Beef $6.13$5.845.0%
          Fried Chicken $1.41$1.5710.4%
          Milk $4.70$4.670.5%
          Potatoes $5.32$4.937.8%
          Pizza $12.59$12.094.2%
          Beer $11.12$10.416.8%

          Health Care

          Item West Freehold National avg. Difference
          Optometrist $129.93$125.683.4%
          Doctor $124.10$135.788.6%
          Dentist $129.94$113.2914.7%
          Ibuprofen $11.14$10.654.6%
          Lipitor $440.70$468.606.0%

          Housing

          Item West Freehold National avg. Difference
          Home Price $406,500.00$184,700.00120.1%
          Avg. Mortgage Payment $2,956.12$2,346.6926.0%
          Apartment Rent $1,675.00$949.0076.5%

          Transportation

          Item West Freehold National avg. Difference
          Gasoline $3.41$3.461.4%
          Tire Balancing $72.38$59.9220.8%

          Utilities

          Item West Freehold National avg. Difference
          All Electricity $223.08$193.9915.0%
          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.
          Cedar Glen West, NJ1,8048317.0%
          Leisure Village, NJ4,714991.1%
          Rossmoor, NJ2,7001022.1%
          Leisure Village East, NJ3,7441065.7%
          Clearbrook Park, NJ3,1141098.8%
          West Freehold, NJ14,11813837.6%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          Youngsville, LA14,1181044.3%
          Covington, GA14,113982.2%
          Springdale, NJ14,11112221.8%
          Auburn, CA14,10414444.0%
          Willowick, OH14,1039010.5%
          West Freehold, NJ14,11813837.6%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.