F
80%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
247%
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 Westfield New Jersey National
Cost of living180121100
Goods & Services111106100
Groceries103102100
Health care10299100
Housing347158100
Transportation105103100
Utilities108107100

An Overview of Cost of Living in Westfield, NJ

Getting a feel for the cost of living in Westfield 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 Westfield is 180, which is 80% 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 prioritize affordability when seeking a new place to live, Westfield 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, Westfield falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs significantly influence the Westfield 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 247.2%. 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, Westfield goods and services are 11.3% more expensive than the national average, leaving you with less money at the end of the month.

What Do Locals Say About the Cost of Living in Westfield?

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 Westfield. 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 Westfield Affordable?

Is Westfield 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 Westfield, the median home price is 318.6% higher than what most folks pay across the country, and monthly rent prices are 80.5% higher than the usual rates. Income levels in Westfield come in at $158,323, which is 186.2% higher than the national average.

What Factors can Influence the Cost of Living in Westfield?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Westfield starts at 6.625% and the income tax rates start at 1.4%.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Westfield, the utilities index registers 8.3% higher than the national average.

Where is the Data From?

The cost of living data in Westfield displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Westfield is 49% higher than the New Jersey average
  • The cost of living in Westfield is 80% higher than the national average
  • Westfield housing is 247% 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 Westfield

See all the best places to live around Westfield

Compare Westfield, 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$196,436$16,370$4,583$5,894
      Renters$78,449$6,537$1,830$2,354
      The affordability of the housing market in Westfield, NJ as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Westfield homeowners, the median income is $196,436. This indicates that a monthly maximum of $4,583 should be spent by homeowners on all housing related costs. Renters have a median income of $78,449. This indicates that renters would have a maximum of $1,830 for their rent related monthly costs.

      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 Westfield 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 Westfield 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 Westfield 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 Westfield National avg. Difference
      Home Price $773,200.00$184,700.00318.6%
      Avg. Mortgage Payment $2,956.12$2,346.6926.0%
      Apartment Rent $1,713.00$949.0080.5%

      Transportation

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

      Utilities

      Item Westfield 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.
      Zarephath, NJ941087.8%
      Keansburg, NJ9,69711010.4%
      East Orange, NJ64,65011111.1%
      Roselle, NJ21,69911212.0%
      Silver Lake CDP (Warren County), NJ32011313.2%
      Westfield, NJ29,69018079.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Rahway, NJ29,69111817.9%
      Kent, OH29,698927.6%
      Leamington, ON29,703n/a 
      Middle River, MD29,6651087.8%
      Parkersburg, WV29,7328415.9%
      Westfield, NJ29,69018079.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.