F
28%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
94%
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 Ringwood New Jersey National
Cost of living128121100
Goods & Services100106100
Groceries102102100
Health care9999100
Housing194158100
Transportation95103100
Utilities102107100

An Overview of Cost of Living in Ringwood, NJ

The cost of living in Ringwood affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Ringwood is 128, which is 28% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Ringwood 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, Ringwood falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Ringwood cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 94.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Ringwood Affordable?

Is Ringwood affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Ringwood, for instance, where the median home price falls 95.2% higher than the national average, and monthly rent rates are 92.5% higher than usual. Additionally, median income levels contribute to the equation, with Ringwood flaunting a median household income of $123,559, 123.3% higher than the national norm.

What Factors can Influence the Cost of Living in Ringwood?

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 Ringwood, the utilities index registers at 1.9% 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 Ringwood, the standard sales tax rate starts at 6.625%, and the income tax rates commence at 1.4%.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Ringwood, is 94.4% higher than the national average.

Where is the Data From?

The Ringwood cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Ringwood is 6% higher than the New Jersey average
  • The cost of living in Ringwood is 28% higher than the national average
  • Ringwood housing is 94% 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 Ringwood

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Compare Ringwood, 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$126,935$10,578$2,962$3,808
      Renters$74,545$6,212$1,739$2,237
      A good indicator of the general affordability of housing in Ringwood, 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 Ringwood, the median monthly income is $126,935 for those who own their own homes. Under the standard rule, that income level would allow for $2,962 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $74,545, per the median income in the area. That would allow for renters to spend up to $1,739 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 Ringwood National avg. Difference
      Haircut $29.17$24.2620.2%
      Beauty Salon $40.36$45.5611.4%
      Toothpaste $3.66$3.701.2%
      Shampoo $1.44$1.2812.1%
      Movie $14.15$12.1316.6%
      Bowling $25.03$18.0039.0%

      Groceries

      Item Ringwood National avg. Difference
      Ground Beef $5.64$5.843.5%
      Fried Chicken $1.55$1.571.4%
      Milk $4.74$4.671.5%
      Potatoes $5.21$4.935.7%
      Pizza $11.49$12.094.9%
      Beer $11.66$10.4112.0%

      Health Care

      Item Ringwood National avg. Difference
      Optometrist $105.11$125.6816.4%
      Doctor $117.94$135.7813.1%
      Dentist $121.22$113.297.0%
      Ibuprofen $11.05$10.653.7%
      Lipitor $427.79$468.608.7%

      Housing

      Item Ringwood National avg. Difference
      Home Price $360,500.00$184,700.0095.2%
      Avg. Mortgage Payment $3,303.56$2,346.6940.8%
      Apartment Rent $1,827.00$949.0092.5%

      Transportation

      Item Ringwood National avg. Difference
      Gasoline $3.45$3.460.2%
      Tire Balancing $77.33$59.9229.1%

      Utilities

      Item Ringwood National avg. Difference
      All Electricity $230.68$193.9918.9%
      Phone $186.61$192.252.9%
      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.
      Vernon Center, NJ1,462964.2%
      Greenwood Lake, NY3,0801109.8%
      Highland Lakes, NJ4,66611110.8%
      Paterson, NJ145,48411515.3%
      Vernon Valley, NJ1,17111212.0%
      Ringwood, NJ12,22912828.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mays Chapel, MD12,22913332.9%
      Cottonwood, AZ12,2281043.8%
      Orange City, FL12,232964.1%
      Minneola, FL12,22311212.4%
      Northlake, IL12,2351033.5%
      Ringwood, NJ12,22912828.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.