Cost Of Living in Wood-Ridge, NJ

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	Wood-Ridge	New Jersey	National
Cost of living	140	121	100
Goods & Services	107	106	100
Groceries	102	102	100
Health care	96	99	100
Housing	219	158	100
Transportation	108	103	100
Utilities	111	107	100

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Cost Of Living Quick Facts

The cost of living in Wood-Ridge is 16% higher than the New Jersey average
The cost of living in Wood-Ridge is 40% higher than the national average
Wood-Ridge housing is 119% 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

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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	$141,094	$11,758	$3,292	$4,233
Renters	$81,608	$6,801	$1,904	$2,448

A good way to judge both the affordability of the housing and the cost of living in Wood-Ridge is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Wood-Ridge has a median income of about $141,094 for people who own homes. Based on that number, a maximum of $3,292 should be spent on expenses related to housing. Renters have a slightly different median income, which is $81,608. Based on this average, renters should spend no more than $1,904 on all rental costs if they want to maintain a non-impoverished standard of living.

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	Wood-Ridge	National avg.	Difference
Haircut	$25.62	$24.26	5.6%
Beauty Salon	$41.67	$45.56	8.6%
Toothpaste	$3.72	$3.70	0.4%
Shampoo	$1.48	$1.28	15.6%
Movie	$15.78	$12.13	30.1%
Bowling	$21.00	$18.00	16.7%

Groceries

Item	Wood-Ridge	National avg.	Difference
Ground Beef	$5.65	$5.84	3.3%
Fried Chicken	$1.39	$1.57	11.4%
Milk	$4.71	$4.67	0.7%
Potatoes	$5.37	$4.93	8.8%
Pizza	$11.49	$12.09	4.9%
Beer	$11.33	$10.41	8.8%

Health Care

Item	Wood-Ridge	National avg.	Difference
Optometrist	$157.11	$125.68	25.0%
Doctor	$115.59	$135.78	14.9%
Dentist	$124.27	$113.29	9.7%
Ibuprofen	$11.15	$10.65	4.6%
Lipitor	$451.73	$468.60	3.6%

Housing

Item	Wood-Ridge	National avg.	Difference
Home Price	$443,600.00	$184,700.00	140.2%
Avg. Mortgage Payment	$3,568.94	$2,346.69	52.1%
Apartment Rent	$1,614.00	$949.00	70.1%

Transportation

Item	Wood-Ridge	National avg.	Difference
Gasoline	$3.41	$3.46	1.4%
Tire Balancing	$82.67	$59.92	38.0%

Utilities

Item	Wood-Ridge	National avg.	Difference
All Electricity	$236.04	$193.99	21.7%
Phone	$186.61	$192.25	2.9%

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.
Greenville CDP (Greene County), NY	604	106	6.1%
East Orange, NJ	64,650	111	11.1%
Roselle, NJ	21,699	112	12.0%
Silver Lake CDP (Warren County), NJ	320	113	13.2%
Newark, NJ	281,917	114	14.0%
Wood-Ridge, NJ	9,016	140	40.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Bridgewater, NS	9,016	n/a
Lincoln City, OR	9,007	115	14.7%
Brewer, ME	9,026	102	2.3%
Roxborough Park, CO	9,004	142	42.2%
Springfield, FL	9,004	90	9.6%
Wood-Ridge, NJ	9,016	140	40.2%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Wood-Ridge, NJ