F
23%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
57%
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 Toms River New Jersey National
Cost of living123121100
Goods & Services111106100
Groceries103102100
Health care10299100
Housing157158100
Transportation105103100
Utilities108107100

An Overview of Cost of Living in Toms River, NJ

Are you thinking about relocating, but curious about the potential cost of living in Toms River? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Toms River stands at 123, making it 23% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you're in pursuit of an economical living environment, Toms River may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Toms River falls within this bracket.

Housing costs are a very significant part of the Toms River cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 56.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

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 Toms River, you can expect to pay 11.3% more than average for these items, making it a more expensive place to live.

What Do Locals Say About the Cost of Living in Toms River?

The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in Toms River. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 20% found it budget-friendly with decreasing prices, while 80% said it's simply not affordable as prices have continued to rise.

Is Toms River Affordable?

Is Toms River 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 Toms River, the median home price is 58.5% higher than what most folks pay across the country, and monthly rent prices are 53.3% higher than the usual rates. Income levels in Toms River come in at $80,145, which is 44.9% higher than the national average.

What Factors can Influence the Cost of Living in Toms River?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Toms River, the general sales tax rate starts at 6.625%, and income tax rates begin at 1.4%.

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.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Toms River, the housing index comes in at 56.9% higher than the national average.

Where is the Data From?

The Toms River 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 Toms River is 1% higher than the New Jersey average
  • The cost of living in Toms River is 23% higher than the national average
  • Toms River housing is 57% 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 Toms River

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Compare Toms River, 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$90,314$7,526$2,107$2,710
      Renters$51,287$4,274$1,197$1,539
      To approximate the cost of living and the housing affordability in Toms River, NJ, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Toms River have a median income of $90,314. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,107 per month to avoid calamity and poverty. The renters in the city have an income of about $51,287, which would make their monthly maximum allowable rental costs $1,197.

      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 Toms River National avg. Difference
      Haircut $30.25$24.2624.7%
      Beauty Salon $53.00$45.5616.3%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.53$1.2819.8%
      Movie $14.53$12.1319.7%
      Bowling $20.98$18.0016.6%

      Groceries

      Item Toms River National avg. Difference
      Ground Beef $6.13$5.845.0%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.70$4.670.5%
      Potatoes $5.32$4.937.8%
      Pizza $12.59$12.094.2%
      Beer $11.12$10.416.8%

      Health Care

      Item Toms River National avg. Difference
      Optometrist $129.93$125.683.4%
      Doctor $124.10$135.788.6%
      Dentist $129.94$113.2914.7%
      Ibuprofen $11.14$10.654.6%
      Lipitor $440.70$468.606.0%

      Housing

      Item Toms River National avg. Difference
      Home Price $292,700.00$184,700.0058.5%
      Avg. Mortgage Payment $2,956.12$2,346.6926.0%
      Apartment Rent $1,455.00$949.0053.3%

      Transportation

      Item Toms River National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $72.38$59.9220.8%

      Utilities

      Item Toms River National avg. Difference
      All Electricity $223.08$193.9915.0%
      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.
      Cedar Glen West, NJ1,8048317.0%
      Cedar Glen Lakes, NJ1,6048515.1%
      Crestwood Village, NJ8,0638911.0%
      Pine Ridge at Crestwood, NJ2,611982.4%
      Leisure Village, NJ4,714991.1%
      Toms River, NJ90,08112322.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Indio, CA89,99612323.3%
      Town 'n' Country, FL89,7911021.7%
      San Leandro, CA90,48917271.8%
      Fall River, MA89,61811313.1%
      Germantown, MD89,52913130.8%
      Toms River, NJ90,08112322.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.