F
20%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
51%
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 Avenel New Jersey National
Cost of living120121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing151158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Avenel, NJ

The cost of living in Avenel affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Avenel is 120, which is 20% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs are a major factor in the Avenel 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 51% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Avenel Affordable?

Wondering if Avenel 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 Avenel, for example, the median home price is 50% higher than what folks pay nationally, and monthly rent is 53.1% higher than the usual rates. Plus, income levels matter too, with Avenel boasting a median household income of $71,990, which is 30.1% higher than the national average.

What Factors can Influence the Cost of Living in Avenel?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Avenel, the utilities index registers 10.7% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, 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. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Avenel, healthcare costs are 4.1% lower than the national average.

Where is the Data From?

The cost of living data in Avenel 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.

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Cost Of Living Quick Facts

  • The cost of living in Avenel is 1% lower than the New Jersey average
  • The cost of living in Avenel is 20% higher than the national average
  • Avenel housing is 51% 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 Avenel

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Compare Avenel, NJ Cost of Living

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      Salary Calculator

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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$85,288$7,107$1,990$2,559
      Renters$62,985$5,249$1,470$1,890
      The affordability of the housing market in Avenel, 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 Avenel homeowners, the median income is $85,288. This indicates that a monthly maximum of $1,990 should be spent by homeowners on all housing related costs. Renters have a median income of $62,985. This indicates that renters would have a maximum of $1,470 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 Avenel 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 Avenel 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 Avenel 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 Avenel National avg. Difference
      Home Price $277,100.00$184,700.0050.0%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $1,453.00$949.0053.1%

      Transportation

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

      Utilities

      Item Avenel 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.
      Keansburg, NJ9,69711010.4%
      East Orange, NJ64,65011111.1%
      Roselle, NJ21,69911212.0%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Avenel, NJ17,17512019.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Palos Hills, IL17,1721066.3%
      Sevierville, TN17,185963.6%
      Vero Beach, FL17,1631087.5%
      Tifton, GA17,1898713.3%
      Massapequa Park, NY17,15215958.6%
      Avenel, NJ17,17512019.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.