Cost of Living in Collingswood, NJ

An Overview of Cost of Living in Collingswood, NJ

Understanding the cost of living in Collingswood 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 Collingswood cost of living index is 114, which is 14% 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.

Housing costs make up a big chunk of the cost of living in Collingswood, 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 37.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Collingswood Affordable?

Is Collingswood an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Collingswood is 44.4% higher than the national average, while the average monthly rent prices are 22.3% higher than average. The affordability of any location can also be influenced by median income levels. Collingswood has a median household income of $68,663, which is 24.1% higher than the national average.

What Factors can Influence the Cost of Living in Collingswood?

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 Collingswood, the utilities index is 10.4% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Collingswood, the transportation index stands at 6.7% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Collingswood, the groceries index is 2% higher than the national average.

Where is the Data From?

The cost of living in Collingswood, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.