Budd Lake, NJ Cost Of Living

Demographics | Cost Of Living
Updated: 2023-11-15

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 118, 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 #78 cheapest in New Jersey out of 251.

  • Budd Lake ranks as the #4,687 cheapest out of 6,412 in the US.

  • The median home value in Budd Lake is $364,200.

  • The median income in Budd Lake is $97,728.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
118
Budd Lake's Overall Cost Of Living
1.2x
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 118, 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 1.1x higher than New Jersey's index of 111.

The standard of living in Budd Lake ranks as #78 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Budd Lake ranks as the #173 most expensive place in the Garden State.

For more reading on life in Budd Lake, check out:

78 out of 251
In New Jersey
4,687 out of 6,412
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 105.

  • The Groceries index in Budd Lake is 117.

  • The Health index in Budd Lake is 100.

  • The Housing index in Budd Lake is 143.

  • The Transportation index in Budd Lake is 109.

  • The Utilities index in Budd Lake is 92.

Living Expense Budd Lake New Jersey National Average
Overall 118 111 100
Services 105 104 100
Groceries 117 104 100
Health 100 95 100
Housing 143 130 100
Transportation 109 106 100
Utilities 92 108 100
For more reading on cost of living around New Jersey, check out:
Budd Lake Cost of Living Vs. NJ

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 2017-2021. The key points are:

  • The Median Home Value in Budd Lake is $364,200.

  • The Median Rent in Budd Lake is $1,136.

  • The Median Income in Budd Lake is $97,728.

  • The Home Value To Income in Budd Lake is 3.7x.

  • The Rent To Monthly Income in Budd Lake is 0.14x.

Statistic Budd Lake New Jersey United States
Median Home Value $364,200 $355,700 $244,900
Median Rent $1,136 $1,436 $1,163
Median Income $97,728 $89,703 $69,021
Home Value To Income 3.7x 4.0x 3.5x
Rent To Monthly Income 0.14x 0.19x 0.2x
Search Homes For Sale In Budd Lake, NJ
$364,200
Median Home Value
$1,136
Median Rent
$97,728
Median Income

Budd Lake, NJ Costs By Category

Detailed Budd Lake Services Costs Vs. New Jersey

Item Budd Lake New Jersey
Shampoo $1.09 $1.06
Movie $12.38 $10.68
Bowling $20.56 $14.67
Haircut $20.96 $18.62
Beauty Salon $45.37 $39.05

Detailed Budd Lake Groceries Costs Vs. New Jersey

Item Budd Lake New Jersey
Ground Beef $4.21 $4.22
Fried Chicken $1.94 $1.39
Milk $2.37 $2.05
Potatoes $3.52 $3.29
Pizza $11.27 $10.62
Beer $8.27 $9.38
Toothpaste $2.06 $2.34

Detailed Budd Lake Health Costs Vs. New Jersey

Item Budd Lake New Jersey
Optometrist $92.33 $108.57
Doctor $99.57 $116.17
Dentist $116.16 $99.13

Detailed Budd Lake Transportation Costs Vs. New Jersey

Item Budd Lake New Jersey
Gasoline $2.45 $2.22
Tire Balancing $53.07 $50.07

Detailed Budd Lake Utilities Costs Vs. New Jersey

Item Budd Lake New Jersey
All Electricity $147.86 $167.67
Phone $179.87 $175.64

Budd Lake SnackAbility

6
/10
Overall SnackAbility
Jobs
8.5/10
Housing
8.5
Affordability
8
Diversity
8.5
Safety
N/A
Amenities
8.5
Education
8.5
Commute
4

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 152, 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 12,655 165 1.4x
Kinnelon, NJ 9,994 152 1.3x
Succasunna, NJ 9,530 134 1.1x
White Meadow Lake, NJ 9,069 129 1.1x
Boonton, NJ 8,770 126 1.1x
Bernardsville, NJ 7,862 164 1.4x
Wharton, NJ 7,175 117 1.0x
Green Knoll, NJ 6,480 141 1.2x
Morris Plains, NJ 6,081 147 1.2x
Mount Arlington, NJ 5,812 122 1.0x

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