C-
5%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
9%
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 Williamstown New Jersey National
Cost of living105121100
Goods & Services103106100
Groceries102102100
Health care9499100
Housing109158100
Transportation107103100
Utilities110107100

An Overview of Cost of Living in Williamstown, NJ

Knowing the cost of living in Williamstown 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 Williamstown stands at 105, marking it 5% higher than the national average.

The cost of living in Williamstown closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Williamstown can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Williamstown Affordable?

Is Williamstown 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 Williamstown, for instance, where the median home price falls 11.3% higher than the national average, and monthly rent rates are 4.4% higher than usual. Additionally, median income levels contribute to the equation, with Williamstown flaunting a median household income of $83,945, 51.7% higher than the national norm.

What Factors can Influence the Cost of Living in Williamstown?

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 Williamstown, the general sales tax rate starts at 6.625%, and income tax rates begin 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 Williamstown, the utilities index registers 10.4% higher than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Williamstown, healthcare costs are 6.5% lower than the national average.

Where is the Data From?

The Williamstown 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 Williamstown is 13% lower than the New Jersey average
  • The cost of living in Williamstown is 5% higher than the national average
  • Williamstown housing is 9% 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 Williamstown

See all the best places to live around Williamstown

Compare Williamstown, 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$99,092$8,258$2,312$2,973
      Renters$30,217$2,518$705$907
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Williamstown, NJ, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Williamstown, homeowners have a median income of $99,092. Using that number, a maximum of $2,312 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $30,217, which means there is a maximum of $705 to be spent on the costs of renting a home or apartment.

      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 Williamstown National avg. Difference
      Haircut $23.54$24.263.0%
      Beauty Salon $66.27$45.5645.4%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.52$1.2818.4%
      Movie $13.75$12.1313.3%
      Bowling $19.47$18.008.1%

      Groceries

      Item Williamstown National avg. Difference
      Ground Beef $5.76$5.841.3%
      Fried Chicken $1.46$1.577.4%
      Milk $4.67$4.670.0%
      Potatoes $5.37$4.938.8%
      Pizza $11.73$12.092.9%
      Beer $11.99$10.4115.2%

      Health Care

      Item Williamstown National avg. Difference
      Optometrist $123.50$125.681.7%
      Doctor $132.56$135.782.4%
      Dentist $103.31$113.298.8%
      Ibuprofen $11.22$10.655.3%
      Lipitor $398.10$468.6015.0%

      Housing

      Item Williamstown National avg. Difference
      Home Price $205,500.00$184,700.0011.3%
      Avg. Mortgage Payment $2,169.88$2,346.697.5%
      Apartment Rent $991.00$949.004.4%

      Transportation

      Item Williamstown National avg. Difference
      Gasoline $3.53$3.462.0%
      Tire Balancing $70.89$59.9218.3%

      Utilities

      Item Williamstown National avg. Difference
      All Electricity $222.45$193.9914.7%
      Phone $198.27$192.253.1%
      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.
      Pine Valley, NJ111043.8%
      Tavistock, NJ51043.8%
      Audubon Park, NJ9698712.8%
      Seabrook Farms, NJ1,602963.8%
      Collings Lakes, NJ1,525964.1%
      Williamstown, NJ14,1611055.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Greendale, WI14,1601055.4%
      Anna, TX14,15911919.1%
      Weigelstown, PA14,1561010.6%
      Washington Court House, OH14,1558614.5%
      Hockessin, DE14,17214343.2%
      Williamstown, NJ14,1611055.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.