F
18%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
41%
Housing NAT. AVG.
Search Homes for Sale
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 Beachwood New Jersey National
Cost of living118121100
Goods & Services111106100
Groceries103102100
Health care10299100
Housing141158100
Transportation105103100
Utilities108107100

An Overview of Cost of Living in Beachwood, NJ

Are you thinking about relocating, but curious about the potential cost of living in Beachwood? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Beachwood stands at 118, making it 18% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs are a major factor in the Beachwood 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 41.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Beachwood, you you will have to spend 11.3% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Is Beachwood Affordable?

Is Beachwood an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Beachwood, the median home price is 27.6% higher than what most folks pay across the country, and monthly rent prices are 73% higher than the usual rates. Income levels in Beachwood come in at $81,658, which is 47.6% higher than the national average.

What Factors can Influence the Cost of Living in Beachwood?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Beachwood, the groceries index is 2.5% higher than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Beachwood, the housing index comes in at 41.2% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Beachwood, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Where is the Data From?

The cost of living data in Beachwood 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.

New Real Estate Listings in Beachwood Area
Search Homes for Sale in Beachwood, NJ

Cost Of Living Quick Facts

  • The cost of living in Beachwood is 2% lower than the New Jersey average
  • The cost of living in Beachwood is 18% higher than the national average
  • Beachwood housing is 41% 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 Beachwood

See all the best places to live around Beachwood

Compare Beachwood, NJ Cost of Living

      vs
      How would you rate the cost of living in Beachwood?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Beachwood?
      Write a review to give others more information about this area.
      See all Beachwood poll results

      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$85,613$7,134$1,998$2,569
      Renters$65,156$5,430$1,520$1,955
      The affordability of the housing market in Beachwood, 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 Beachwood homeowners, the median income is $85,613. This indicates that a monthly maximum of $1,998 should be spent by homeowners on all housing related costs. Renters have a median income of $65,156. This indicates that renters would have a maximum of $1,520 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 Beachwood 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 Beachwood 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 Beachwood 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 Beachwood National avg. Difference
      Home Price $235,700.00$184,700.0027.6%
      Avg. Mortgage Payment $2,956.12$2,346.6926.0%
      Apartment Rent $1,642.00$949.0073.0%

      Transportation

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

      Utilities

      Item Beachwood 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%
      Cedar Glen Lakes, NJ1,6048515.1%
      Crestwood Village, NJ8,0638911.0%
      Pine Ridge at Crestwood, NJ2,611982.4%
      Leisure Village, NJ4,714991.1%
      Beachwood, NJ11,27411817.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Blackfalds, AB11,272n/a 
      Show Low, AZ11,2801043.6%
      Summerfield, NC11,28312221.8%
      Waupun, WI11,264919.0%
      Guttenberg, NJ11,28413231.9%
      Beachwood, NJ11,27411817.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.