F
35%
Overall NAT. AVG.
27%
Goods & Services NAT. AVG.
73%
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 Eatontown New Jersey National
Cost of living135121100
Goods & Services127106100
Groceries113102100
Health care12199100
Housing173158100
Transportation115103100
Utilities102107100

An Overview of Cost of Living in Eatontown, NJ

Understanding the cost of living in Eatontown 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 Eatontown cost of living index is 135, which is 35% 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.

The cost of living in Eatontown is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Eatontown falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Eatontown, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 73.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Eatontown goods and services are 26.8% more expensive than the national average, leaving you with less money at the end of the month.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Eatontown does not fare better, with grocery expenses coming in at 13.4% higher than the national average.

Is Eatontown Affordable?

Wondering if Eatontown 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 Eatontown, for example, the median home price is 90.4% higher than what folks pay nationally, and monthly rent is 32.6% higher than the usual rates. Plus, income levels matter too, with Eatontown boasting a median household income of $79,321, which is 43.4% higher than the national average.

What Factors can Influence the Cost of Living in Eatontown?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Eatontown, healthcare costs are 20.6% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Eatontown, the housing index is 73.1% higher than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Eatontown, the prevailing sales tax rate starts at 6.625%, and income tax rates kick off at 1.4%.

Where is the Data From?

The Eatontown cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Eatontown is 12% higher than the New Jersey average
  • The cost of living in Eatontown is 35% higher than the national average
  • Eatontown housing is 73% 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 Eatontown

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Compare Eatontown, 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$95,577$7,965$2,230$2,868
      Renters$44,538$3,712$1,039$1,336
      A good indicator of the general affordability of housing in Eatontown, NJ, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Eatontown, the median monthly income is $95,577 for those who own their own homes. Under the standard rule, that income level would allow for $2,230 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $44,538, per the median income in the area. That would allow for renters to spend up to $1,039 on monthly rental expenses.

      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 Eatontown National avg. Difference
      Haircut $34.94$24.2644.0%
      Beauty Salon $64.07$45.5640.6%
      Toothpaste $3.96$3.707.0%
      Shampoo $1.69$1.2832.3%
      Movie $13.68$12.1312.8%
      Bowling $29.40$18.0063.3%

      Groceries

      Item Eatontown National avg. Difference
      Ground Beef $5.87$5.840.6%
      Fried Chicken $1.46$1.576.9%
      Milk $4.97$4.676.3%
      Potatoes $5.21$4.935.7%
      Pizza $12.57$12.094.0%
      Beer $11.87$10.4114.0%

      Health Care

      Item Eatontown National avg. Difference
      Optometrist $128.97$125.682.6%
      Doctor $162.24$135.7819.5%
      Dentist $149.64$113.2932.1%
      Ibuprofen $11.15$10.654.6%
      Lipitor $402.75$468.6014.1%

      Housing

      Item Eatontown National avg. Difference
      Home Price $351,700.00$184,700.0090.4%
      Avg. Mortgage Payment $6,916.73$2,346.69194.7%
      Apartment Rent $1,258.00$949.0032.6%

      Transportation

      Item Eatontown National avg. Difference
      Gasoline $3.55$3.462.5%
      Tire Balancing $86.43$59.9244.2%

      Utilities

      Item Eatontown National avg. Difference
      All Electricity $201.27$193.993.8%
      Phone $200.67$192.254.4%
      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%
      Cliffwood Beach, NJ3,02411717.0%
      North Middletown, NJ2,65212625.7%
      Keyport, NJ7,00511818.4%
      Laurence Harbor, NJ6,04111918.9%
      Eatontown, NJ12,19513535.0%

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      City Population Cost of Living Index National Avg.
      Amherst, OH12,193946.4%
      Tucson Estates, AZ12,1981000.2%
      Bainbridge, GA12,2008515.4%
      Valencia West, AZ12,2011087.7%
      Coldwater, MI12,2038316.9%
      Eatontown, NJ12,19513535.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.