F
38%
Overall NAT. AVG.
27%
Goods & Services NAT. AVG.
84%
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 Ridgefield Park New Jersey National
Cost of living138121100
Goods & Services127106100
Groceries113102100
Health care12199100
Housing184158100
Transportation115103100
Utilities102107100

An Overview of Cost of Living in Ridgefield Park, NJ

Knowing the cost of living in Ridgefield Park 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 Ridgefield Park stands at 138, marking it 38% higher than the national average.

If you prioritize affordability when seeking a new place to live, Ridgefield Park 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, Ridgefield Park falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs significantly influence the Ridgefield Park 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 83.6%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

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, Ridgefield Park goods and services are 26.8% more expensive than the national average, leaving you with less money at the end of the month.

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, Ridgefield Park is no exception, where grocery prices are 13.4% above the national average.

Is Ridgefield Park Affordable?

Is Ridgefield Park 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 Ridgefield Park is 99% higher than the national average, while the average monthly rent prices are 47.7% higher than average. The affordability of any location can also be influenced by median income levels. Ridgefield Park has a median household income of $81,908, which is 48.1% higher than the national average.

What Factors can Influence the Cost of Living in Ridgefield Park?

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Ridgefield Park, the baseline sales tax rate begins at 6.625%, and income tax rates start at 1.4%.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Ridgefield Park, the transportation index stands at 15.2% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Ridgefield Park 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.

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

Cost Of Living Quick Facts

  • The cost of living in Ridgefield Park is 14% higher than the New Jersey average
  • The cost of living in Ridgefield Park is 38% higher than the national average
  • Ridgefield Park housing is 84% 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 Ridgefield Park

See all the best places to live around Ridgefield Park

Compare Ridgefield Park, NJ Cost of Living

      vs
      How would you rate the cost of living in Ridgefield Park?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Ridgefield Park?
      Write a review to give others more information about this area.
      See all Ridgefield Park 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$135,604$11,300$3,164$4,069
      Renters$56,659$4,722$1,322$1,700
      A good indicator of the general affordability of housing in Ridgefield Park, 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 Ridgefield Park, the median monthly income is $135,604 for those who own their own homes. Under the standard rule, that income level would allow for $3,164 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $56,659, per the median income in the area. That would allow for renters to spend up to $1,322 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 Ridgefield Park 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 Ridgefield Park 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 Ridgefield Park 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 Ridgefield Park National avg. Difference
      Home Price $367,500.00$184,700.0099.0%
      Avg. Mortgage Payment $6,916.73$2,346.69194.7%
      Apartment Rent $1,402.00$949.0047.7%

      Transportation

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

      Utilities

      Item Ridgefield Park 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%
      Ridgefield Park, NJ12,92813838.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Portland, TN12,928937.3%
      New Carrollton, MD12,92512525.2%
      Lexington Park, MD12,93411212.3%
      Dawson Creek, BC12,921n/a 
      Marshall, MO12,9208515.0%
      Ridgefield Park, NJ12,92813838.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.