Cost of Living in New Milford, NJ

An Overview of Cost of Living in New Milford, NJ

Understanding the cost of living in New Milford 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 New Milford cost of living index is 146, which is 46% 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 New Milford 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, New Milford falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs significantly influence the New Milford 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 109.7%. 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 New Milford, you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in New Milford is even less favorable, with grocery prices here being 13.4% higher than the national average.

Is New Milford Affordable?

Wondering if New Milford 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 New Milford, for example, the median home price is 134.4% higher than what folks pay nationally, and monthly rent is 51.9% higher than the usual rates. Plus, income levels matter too, with New Milford boasting a median household income of $94,821, which is 71.4% higher than the national average.

What Factors can Influence the Cost of Living in New Milford?

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 New Milford, the transportation index is 15.2% 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 New Milford, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In New Milford, healthcare costs are 20.6% higher than the national average.

Where is the Data From?

The cost of living in New Milford, 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.