Lakewood, NJ Cost Of Living
Cost Of Living In Lakewood, NJ Summary
Cost of living in Lakewood 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 Lakewood 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 Lakewood is 147, with 100 being the average.
The cost of living index in Lakewood is 1.5x higher than the national average.
Lakewood ranks as the #196 cheapest in New Jersey out of 260.
Lakewood ranks as the #5,616 cheapest out of 6,489 in the US.
The median home value in Lakewood is $565,657.
The median income in Lakewood is $57,576.
Table Of Contents
Lakewood's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Lakewood, NJ?
According to the most recent data on the cost of living, Lakewood has an overall cost of living index of 147, which is 1.5x higher than the national index of 100.
Compared to New Jersey, Lakewood has a cost of living index that's 1.2x higher than New Jersey's index of 122.
The standard of living in Lakewood ranks as #196 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Lakewood ranks as the #64 most expensive place in the Garden State.
For more reading on life in Lakewood, check out:
In New Jersey
In America
Lakewood Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Lakewood. Here is how it fairs on each of the criteria:
The Services index in Lakewood is 113.
The Groceries index in Lakewood is 105.
The Health index in Lakewood is 104.
The Housing index in Lakewood is 232.
The Transportation index in Lakewood is 107.
The Utilities index in Lakewood is 109.
| Living Expense | Lakewood | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 147 | 122 | 100 | |
| Services | 113 | 108 | 100 | |
| Groceries | 105 | 104 | 100 | |
| Health | 104 | 99 | 100 | |
| Housing | 232 | 159 | 100 | |
| Transportation | 107 | 101 | 100 | |
| Utilities | 109 | 107 | 100 | |
Lakewood, 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 Lakewood is $565,657.
The Median Rent in Lakewood is $1,647.
The Median Income in Lakewood is $57,576.
The Home Value To Income in Lakewood is 9.8x.
The Rent To Monthly Income in Lakewood is 0.34x.
| Statistic | Lakewood | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $565,657 | $564,432 | $303,400 |
| Median Rent | $1,647 | $1,653 | $1,348 |
| Median Income | $57,576 | $101,050 | $78,538 |
| Home Value To Income | 9.8x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.34x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Lakewood, NJ Costs By Category
Detailed Lakewood Services Costs Vs. New Jersey
| Item | Lakewood | New Jersey |
|---|---|---|
| Shampoo | $1.53 | $1.28 |
| Movie | $14.53 | $12.13 |
| Bowling | $20.98 | $18 |
| Haircut | $30.25 | $24.26 |
| Beauty Salon | $53.0 | $45.56 |
Detailed Lakewood Groceries Costs Vs. New Jersey
| Item | Lakewood | New Jersey |
|---|---|---|
| Ground Beef | $6.13 | $5.84 |
| Fried Chicken | $1.41 | $1.57 |
| Milk | $4.7 | $4.67 |
| Potatoes | $5.32 | $4.93 |
| Pizza | $12.59 | $12.09 |
| Beer | $11.12 | $10.41 |
| Toothpaste | $3.75 | $3.7 |
Detailed Lakewood Health Costs Vs. New Jersey
| Item | Lakewood | New Jersey |
|---|---|---|
| Optometrist | $129.93 | $125.68 |
| Doctor | $124.1 | $135.78 |
| Dentist | $129.94 | $113.29 |
Detailed Lakewood Transportation Costs Vs. New Jersey
| Item | Lakewood | New Jersey |
|---|---|---|
| Gasoline | $3.41 | $3.46 |
| Tire Balancing | $72.38 | $59.92 |
Detailed Lakewood Utilities Costs Vs. New Jersey
| Item | Lakewood | New Jersey |
|---|---|---|
| All Electricity | $223.08 | $193.99 |
| Phone | $186.61 | $192.25 |
Lakewood SnackAbility
/10
Cost Of Living In Cities Around Lakewood
The cost of living varies in the cities and towns around Lakewood. Here's a quick look at the cost of living in the most populous nearby places:
Toms River, NJ has a cost of living index of 125, 0.9x Lakewood.
Tinton Falls, NJ has a cost of living index of 134, 0.9x Lakewood.
West Freehold, NJ has a cost of living index of 136, 0.9x Lakewood.
| City | Population | Cost Of Living | Vs. Lakewood |
|---|---|---|---|
| Toms River, NJ | 93,915 | 125 | 0.9x |
| Tinton Falls, NJ | 19,252 | 134 | 0.9x |
| West Freehold, NJ | 14,233 | 136 | 0.9x |
| Freehold, NJ | 12,504 | 125 | 0.9x |
| Pine Lake Park, NJ | 9,251 | 122 | 0.8x |
| Twin Rivers, NJ | 8,315 | 118 | 0.8x |
| Yorketown, NJ | 7,265 | 140 | 1.0x |
| Lincroft, NJ | 6,901 | 146 | 1.0x |
| Ramtown, NJ | 6,410 | 134 | 0.9x |
| Little Silver, NJ | 6,096 | 196 | 1.3x |
