F
76%
Overall NAT. AVG.
27%
Goods & Services NAT. AVG.
211%
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 Edgewater New Jersey National
Cost of living176121100
Goods & Services127106100
Groceries113102100
Health care12199100
Housing311158100
Transportation115103100
Utilities102107100

An Overview of Cost of Living in Edgewater, NJ

Are you thinking about relocating, but curious about the potential cost of living in Edgewater? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Edgewater stands at 176, making it 76% 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.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Edgewater is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Edgewater falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Edgewater cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 210.6% more than the average city. This includes things like home and rent prices, 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, Edgewater goods and services are 26.8% more expensive than the national average, leaving you with less money at the end of the month.

Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Edgewater, it's the same story – grocery costs are 13.4% higher than what people pay across the country.

Is Edgewater Affordable?

Is Edgewater 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 Edgewater is 234.3% higher than the national average, while the average monthly rent prices are 155.2% higher than average. The affordability of any location can also be influenced by median income levels. Edgewater has a median household income of $130,267, which is 135.5% higher than the national average.

What Factors can Influence the Cost of Living in Edgewater?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Edgewater, the transportation index is 15.2% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Edgewater, the housing index is 210.6% higher than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Edgewater, the groceries index is 13.4% higher than the national average.

Where is the Data From?

The Edgewater 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.

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

Cost Of Living Quick Facts

  • The cost of living in Edgewater is 46% higher than the New Jersey average
  • The cost of living in Edgewater is 76% higher than the national average
  • Edgewater housing is 211% 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 Edgewater

See all the best places to live around Edgewater

Compare Edgewater, NJ Cost of Living

      vs
      How would you rate the cost of living in Edgewater?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Edgewater?
      Write a review to give others more information about this area.
      See all Edgewater 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$183,984$15,332$4,293$5,520
      Renters$103,710$8,643$2,420$3,112
      A good indicator of the general affordability of housing in Edgewater, 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 Edgewater, the median monthly income is $183,984 for those who own their own homes. Under the standard rule, that income level would allow for $4,293 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $103,710, per the median income in the area. That would allow for renters to spend up to $2,420 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 Edgewater 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 Edgewater 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 Edgewater 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 Edgewater National avg. Difference
      Home Price $617,500.00$184,700.00234.3%
      Avg. Mortgage Payment $6,916.73$2,346.69194.7%
      Apartment Rent $2,422.00$949.00155.2%

      Transportation

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

      Utilities

      Item Edgewater 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.
      Greenville CDP (Greene County), NY6041066.1%
      East Orange, NJ64,65011111.1%
      Roselle, NJ21,69911212.0%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Edgewater, NJ12,89017676.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Glendale, WI12,8901065.9%
      Suamico, WI12,8901098.9%
      North Adams, MA12,897963.7%
      Willow Grove, PA12,88111515.4%
      West Carrollton, OH12,9019010.1%
      Edgewater, NJ12,89017676.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.