F
14%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
38%
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 Collingswood New Jersey National
Cost of living114121100
Goods & Services103106100
Groceries102102100
Health care9499100
Housing138158100
Transportation107103100
Utilities110107100

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.

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Cost Of Living Quick Facts

  • The cost of living in Collingswood is 6% lower than the New Jersey average
  • The cost of living in Collingswood is 14% higher than the national average
  • Collingswood housing is 38% 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 Collingswood

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Compare Collingswood, 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$113,445$9,454$2,647$3,404
      Renters$45,481$3,790$1,061$1,365
      To approximate the cost of living and the housing affordability in Collingswood, NJ, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Collingswood have a median income of $113,445. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,647 per month to avoid calamity and poverty. The renters in the city have an income of about $45,481, which would make their monthly maximum allowable rental costs $1,061.

      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 Collingswood National avg. Difference
      Haircut $23.54$24.263.0%
      Beauty Salon $66.27$45.5645.4%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.52$1.2818.4%
      Movie $13.75$12.1313.3%
      Bowling $19.47$18.008.1%

      Groceries

      Item Collingswood National avg. Difference
      Ground Beef $5.76$5.841.3%
      Fried Chicken $1.46$1.577.4%
      Milk $4.67$4.670.0%
      Potatoes $5.37$4.938.8%
      Pizza $11.73$12.092.9%
      Beer $11.99$10.4115.2%

      Health Care

      Item Collingswood National avg. Difference
      Optometrist $123.50$125.681.7%
      Doctor $132.56$135.782.4%
      Dentist $103.31$113.298.8%
      Ibuprofen $11.22$10.655.3%
      Lipitor $398.10$468.6015.0%

      Housing

      Item Collingswood National avg. Difference
      Home Price $266,700.00$184,700.0044.4%
      Avg. Mortgage Payment $2,169.88$2,346.697.5%
      Apartment Rent $1,161.00$949.0022.3%

      Transportation

      Item Collingswood National avg. Difference
      Gasoline $3.53$3.462.0%
      Tire Balancing $70.89$59.9218.3%

      Utilities

      Item Collingswood National avg. Difference
      All Electricity $222.45$193.9914.7%
      Phone $198.27$192.253.1%
      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.
      Arcadia University, PA5951043.8%
      Tavistock, NJ51043.8%
      Pine Valley, NJ111043.8%
      Prospect Park CDP, PA2248217.9%
      Audubon Park, NJ9698712.8%
      Collingswood, NJ13,88211414.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Chesterton, IN13,8841054.6%
      Moorestown-Lenola, NJ13,87913333.2%
      Riverhead, NY13,87913131.5%
      Brandermill, VA13,88711414.0%
      Lacombe, AB13,889n/a 
      Collingswood, NJ13,88211414.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.