F
22%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
72%
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 Wanaque New Jersey National
Cost of living122121100
Goods & Services100106100
Groceries102102100
Health care9999100
Housing172158100
Transportation95103100
Utilities102107100

An Overview of Cost of Living in Wanaque, NJ

Getting a feel for the cost of living in Wanaque is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Wanaque is 122, which is 22% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you're in pursuit of an economical living environment, Wanaque 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, Wanaque falls within this bracket.

Housing costs make up a big chunk of the cost of living in Wanaque, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 72.1% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Wanaque Affordable?

Is Wanaque affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Wanaque, the median home price is 72.4% higher than the national average and monthly rent prices are 71.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Wanaque boasting a median household income of $95,685, 73% higher than the national average.

What Factors can Influence the Cost of Living in Wanaque?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Wanaque, the utilities index stands at 1.9% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Wanaque, the housing index is 72.1% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Wanaque, the healthcare costs are 0.8% lower than the national average.

Where is the Data From?

The Wanaque 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 Wanaque is 1% higher than the New Jersey average
  • The cost of living in Wanaque is 22% higher than the national average
  • Wanaque housing is 72% 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 Wanaque

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Compare Wanaque, 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$102,007$8,501$2,380$3,061
      Renters$77,802$6,484$1,815$2,334
      A good indicator of the general affordability of housing in Wanaque, 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 Wanaque, the median monthly income is $102,007 for those who own their own homes. Under the standard rule, that income level would allow for $2,380 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $77,802, per the median income in the area. That would allow for renters to spend up to $1,815 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 Wanaque 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 Wanaque 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 Wanaque 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 Wanaque National avg. Difference
      Home Price $318,400.00$184,700.0072.4%
      Avg. Mortgage Payment $3,303.56$2,346.6940.8%
      Apartment Rent $1,628.00$949.0071.5%

      Transportation

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

      Utilities

      Item Wanaque 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%
      Victory Gardens, NJ1,6041011.2%
      Hamburg, NJ3,1491055.4%
      Greenwood Lake, NY3,0801109.8%
      Highland Lakes, NJ4,66611110.8%
      Wanaque, NJ11,71912221.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Webster, MA11,7191109.8%
      Florham Park, NJ11,71916463.6%
      Grafton, WI11,7181077.0%
      Stratford, PE11,716n/a 
      Arlington, TN11,71511010.3%
      Wanaque, NJ11,71912221.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.