Cost of Living in Hackensack, NJ

An Overview of Cost of Living in Hackensack, NJ

Knowing the cost of living in Hackensack allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Hackensack stands at 132, marking it 32% higher than the national average.

If you prioritize affordability when seeking a new place to live, Hackensack may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hackensack falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs significantly influence the Hackensack cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 63.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Hackensack, you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.

The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Hackensack, the news isn't any better as grocery prices are 13.4% higher than the national average.

Is Hackensack Affordable?

Is Hackensack 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 Hackensack, the median home price is 66.1% higher than what most folks pay across the country, and monthly rent prices are 57.3% higher than the usual rates. Income levels in Hackensack come in at $71,079, which is 28.5% higher than the national average.

What Factors can Influence the Cost of Living in Hackensack?

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Hackensack, the utilities index registers at 1.7% 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 Hackensack, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Where is the Data From?

The Hackensack 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.