F
31%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
90%
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 Woodland Park New Jersey National
Cost of living131121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing190158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Woodland Park, NJ

Knowing the cost of living in Woodland Park 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 Woodland Park stands at 131, marking it 31% higher than the national average.

If you prioritize affordability when seeking a new place to live, Woodland Park may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Woodland Park falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Woodland Park, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 89.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Woodland Park Affordable?

Wondering if Woodland Park 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 Woodland Park, for example, the median home price is 106.3% higher than what folks pay nationally, and monthly rent is 51.2% higher than the usual rates. Plus, income levels matter too, with Woodland Park boasting a median household income of $80,286, which is 45.1% higher than the national average.

What Factors can Influence the Cost of Living in Woodland Park?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Woodland Park, the housing index is 89.8% higher than the national average.

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 Woodland Park, the utilities index is 10.7% higher than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Woodland Park, healthcare costs are 4.1% lower than the national average.

Where is the Data From?

The Woodland Park 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 Woodland Park is 9% higher than the New Jersey average
  • The cost of living in Woodland Park is 31% higher than the national average
  • Woodland Park housing is 90% 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 Woodland Park

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Compare Woodland Park, 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$93,559$7,797$2,183$2,807
      Renters$55,680$4,640$1,299$1,671
      The affordability of the housing market in Woodland Park, NJ as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Woodland Park homeowners, the median income is $93,559. This indicates that a monthly maximum of $2,183 should be spent by homeowners on all housing related costs. Renters have a median income of $55,680. This indicates that renters would have a maximum of $1,299 for their rent related monthly 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 Woodland Park 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 Woodland Park 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 Woodland Park 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 Woodland Park National avg. Difference
      Home Price $381,100.00$184,700.00106.3%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,435.00$949.0051.2%

      Transportation

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

      Utilities

      Item Woodland Park 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.
      East Orange, NJ64,65011111.1%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Paterson, NJ145,48411515.3%
      Haledon, NJ8,29811919.2%
      Woodland Park, NJ12,60813131.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Erin, ON12,607n/a 
      Truro, NS12,598n/a 
      Big Bear City, CA12,62112221.8%
      Fernandina Beach, FL12,62211514.9%
      Kewanee, IL12,6227920.7%
      Woodland Park, NJ12,60813131.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.