F
41%
Overall NAT. AVG.
27%
Goods & Services NAT. AVG.
92%
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 Fort Lee New Jersey National
Cost of living141121100
Goods & Services127106100
Groceries113102100
Health care12199100
Housing192158100
Transportation115103100
Utilities102107100

An Overview of Cost of Living in Fort Lee, NJ

Understanding the cost of living in Fort Lee 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 Fort Lee cost of living index is 141, which is 41% 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.

If you're in pursuit of an economical living environment, Fort Lee may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Fort Lee falls within this bracket.

Housing costs make up a big chunk of the cost of living in Fort Lee, 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 92.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Fort Lee, these items will cost you 26.8% more than what's considered the norm, making it a more expensive place to call home.

The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Fort Lee is no exception, where grocery prices are 13.4% above the national average.

What Do Locals Say About the Cost of Living in Fort Lee?

Locals have the inside scoop on their city. So, we polled 10 residents in Fort Lee to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 20% find it reasonable with decreasing prices, but 80% think it's quite pricey, with prices that continue to rise.

Is Fort Lee Affordable?

Is Fort Lee 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 Fort Lee is 88.6% higher than the national average, while the average monthly rent prices are 101.2% higher than average. The affordability of any location can also be influenced by median income levels. Fort Lee has a median household income of $88,457, which is 59.9% higher than the national average.

What Factors can Influence the Cost of Living in Fort Lee?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Fort Lee, the groceries index registers 13.4% 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 Fort Lee, the prevailing sales tax rate starts at 6.625%, and income tax rates kick off at 1.4%.

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 Fort Lee, the housing index is 92.4% higher than the national average.

Where is the Data From?

The Fort Lee cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Fort Lee is 17% higher than the New Jersey average
  • The cost of living in Fort Lee is 41% higher than the national average
  • Fort Lee housing is 92% 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 Fort Lee

See all the best places to live around Fort Lee

Compare Fort Lee, 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$103,043$8,587$2,404$3,092
      Renters$72,806$6,067$1,699$2,184
      A good way to judge both the affordability of the housing and the cost of living in Fort Lee is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Fort Lee has a median income of about $103,043 for people who own homes. Based on that number, a maximum of $2,404 should be spent on expenses related to housing. Renters have a slightly different median income, which is $72,806. Based on this average, renters should spend no more than $1,699 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Fort Lee 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 Fort Lee 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 Fort Lee 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 Fort Lee National avg. Difference
      Home Price $348,300.00$184,700.0088.6%
      Avg. Mortgage Payment $6,916.73$2,346.69194.7%
      Apartment Rent $1,909.00$949.00101.2%

      Transportation

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

      Utilities

      Item Fort Lee 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%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Newark, NJ281,91711414.0%
      Paterson, NJ145,48411515.3%
      Fort Lee, NJ37,84314140.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Rosenberg, TX37,8161000.4%
      Dover, DE37,8721022.0%
      Hanover Park, IL37,8111098.7%
      Atlantic City, NJ37,793981.5%
      Kailua, HI37,900227127.2%
      Fort Lee, NJ37,84314140.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.