Cost Of Living in Old Tappan, NJ

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	Old Tappan	New Jersey	National
Cost of living	193	121	100
Goods & Services	127	106	100
Groceries	113	102	100
Health care	121	99	100
Housing	367	158	100
Transportation	115	103	100
Utilities	102	107	100

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Cost Of Living Quick Facts

The cost of living in Old Tappan is 60% higher than the New Jersey average
The cost of living in Old Tappan is 93% higher than the national average
Old Tappan housing is 267% 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

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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	$173,958	$14,497	$4,059	$5,219
Renters	$0	$0	$0	$0

A good way to judge both the affordability of the housing and the cost of living in Old Tappan 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. Old Tappan has a median income of about $173,958 for people who own homes. Based on that number, a maximum of $4,059 should be spent on expenses related to housing. Renters have a slightly different median income, which is $0. Based on this average, renters should spend no more than $0 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	Old Tappan	National avg.	Difference
Haircut	$34.94	$24.26	44.0%
Beauty Salon	$64.07	$45.56	40.6%
Toothpaste	$3.96	$3.70	7.0%
Shampoo	$1.69	$1.28	32.3%
Movie	$13.68	$12.13	12.8%
Bowling	$29.40	$18.00	63.3%

Groceries

Item	Old Tappan	National avg.	Difference
Ground Beef	$5.87	$5.84	0.6%
Fried Chicken	$1.46	$1.57	6.9%
Milk	$4.97	$4.67	6.3%
Potatoes	$5.21	$4.93	5.7%
Pizza	$12.57	$12.09	4.0%
Beer	$11.87	$10.41	14.0%

Health Care

Item	Old Tappan	National avg.	Difference
Optometrist	$128.97	$125.68	2.6%
Doctor	$162.24	$135.78	19.5%
Dentist	$149.64	$113.29	32.1%
Ibuprofen	$11.15	$10.65	4.6%
Lipitor	$402.75	$468.60	14.1%

Housing

Item	Old Tappan	National avg.	Difference
Home Price	$779,300.00	$184,700.00	321.9%
Avg. Mortgage Payment	$6,916.73	$2,346.69	194.7%
Apartment Rent	$2,263.00	$949.00	138.5%

Transportation

Item	Old Tappan	National avg.	Difference
Gasoline	$3.55	$3.46	2.5%
Tire Balancing	$86.43	$59.92	44.2%

Utilities

Item	Old Tappan	National avg.	Difference
All Electricity	$201.27	$193.99	3.8%
Phone	$200.67	$192.25	4.4%

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), NY	604	106	6.1%
Paterson, NJ	145,484	115	15.3%
Mount Ivy, NY	7,390	122	21.6%
Haverstraw, NY	12,076	123	22.7%
West Haverstraw, NY	10,220	123	23.1%
Old Tappan, NJ	5,924	193	93.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Lewistown, MT	5,923	85	14.6%
Selinsgrove, PA	5,923	98	1.5%
Woods Creek, WA	5,922	143	43.4%
Oxford, MA	5,926	111	11.0%
Margate City, NJ	5,921	141	41.4%
Old Tappan, NJ	5,924	193	93.2%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Old Tappan, NJ