Budd Lake, NJ Cost Of Living
Cost Of Living In Budd Lake, NJ Summary
Cost of living in Budd Lake research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Budd Lake is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Budd Lake is 119, with 100 being the average.
The cost of living index in Budd Lake is 1.2x higher than the national average.
Budd Lake ranks as the #81 cheapest in New Jersey out of 260.
Budd Lake ranks as the #4,349 cheapest out of 6,489 in the US.
The median home value in Budd Lake is $554,134.
The median income in Budd Lake is $113,036.
Table Of Contents
Budd Lake's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Budd Lake, NJ?
According to the most recent data on the cost of living, Budd Lake has an overall cost of living index of 119, which is 1.2x higher than the national index of 100.
Compared to New Jersey, Budd Lake has a cost of living index that's 1.0x lower than New Jersey's index of 122.
The standard of living in Budd Lake ranks as #81 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Budd Lake ranks as the #179 most expensive place in the Garden State.
For more reading on life in Budd Lake, check out:
In New Jersey
In America
Budd Lake Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Budd Lake. Here is how it fairs on each of the criteria:
The Services index in Budd Lake is 100.
The Groceries index in Budd Lake is 102.
The Health index in Budd Lake is 100.
The Housing index in Budd Lake is 170.
The Transportation index in Budd Lake is 93.
The Utilities index in Budd Lake is 103.
| Living Expense | Budd Lake | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 119 | 122 | 100 | |
| Services | 100 | 108 | 100 | |
| Groceries | 102 | 104 | 100 | |
| Health | 100 | 99 | 100 | |
| Housing | 170 | 159 | 100 | |
| Transportation | 93 | 101 | 100 | |
| Utilities | 103 | 107 | 100 | |
Budd Lake, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Budd Lake is $554,134.
The Median Rent in Budd Lake is $1,326.
The Median Income in Budd Lake is $113,036.
The Home Value To Income in Budd Lake is 4.9x.
The Rent To Monthly Income in Budd Lake is 0.14x.
| Statistic | Budd Lake | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $554,134 | $564,432 | $303,400 |
| Median Rent | $1,326 | $1,653 | $1,348 |
| Median Income | $113,036 | $101,050 | $78,538 |
| Home Value To Income | 4.9x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.14x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Budd Lake, NJ Costs By Category
Detailed Budd Lake Services Costs Vs. New Jersey
| Item | Budd Lake | New Jersey |
|---|---|---|
| Shampoo | $1.44 | $1.28 |
| Movie | $14.15 | $12.13 |
| Bowling | $25.03 | $18 |
| Haircut | $29.17 | $24.26 |
| Beauty Salon | $40.36 | $45.56 |
Detailed Budd Lake Groceries Costs Vs. New Jersey
| Item | Budd Lake | New Jersey |
|---|---|---|
| Ground Beef | $5.64 | $5.84 |
| Fried Chicken | $1.55 | $1.57 |
| Milk | $4.74 | $4.67 |
| Potatoes | $5.21 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.66 | $10.41 |
| Toothpaste | $3.66 | $3.7 |
Detailed Budd Lake Health Costs Vs. New Jersey
| Item | Budd Lake | New Jersey |
|---|---|---|
| Optometrist | $105.11 | $125.68 |
| Doctor | $117.94 | $135.78 |
| Dentist | $121.22 | $113.29 |
Detailed Budd Lake Transportation Costs Vs. New Jersey
| Item | Budd Lake | New Jersey |
|---|---|---|
| Gasoline | $3.45 | $3.46 |
| Tire Balancing | $77.33 | $59.92 |
Detailed Budd Lake Utilities Costs Vs. New Jersey
| Item | Budd Lake | New Jersey |
|---|---|---|
| All Electricity | $230.68 | $193.99 |
| Phone | $186.61 | $192.25 |
Budd Lake SnackAbility
/10
Cost Of Living In Cities Around Budd Lake
The cost of living varies in the cities and towns around Budd Lake. Here's a quick look at the cost of living in the most populous nearby places:
Florham Park, NJ has a cost of living index of 165, 1.4x Budd Lake.
Kinnelon, NJ has a cost of living index of 160, 1.3x Budd Lake.
Succasunna, NJ has a cost of living index of 134, 1.1x Budd Lake.
| City | Population | Cost Of Living | Vs. Budd Lake |
|---|---|---|---|
| Florham Park, NJ | 13,134 | 165 | 1.4x |
| Kinnelon, NJ | 9,971 | 160 | 1.3x |
| Succasunna, NJ | 9,866 | 134 | 1.1x |
| Boonton, NJ | 8,803 | 129 | 1.1x |
| White Meadow Lake, NJ | 8,706 | 131 | 1.1x |
| Bernardsville, NJ | 7,871 | 162 | 1.4x |
| Wharton, NJ | 7,254 | 123 | 1.0x |
| Green Knoll, NJ | 6,664 | 143 | 1.2x |
| Morris Plains, NJ | 6,214 | 155 | 1.3x |
| Mount Arlington, NJ | 5,901 | 126 | 1.1x |
