New Milford, NJ Cost Of Living
Cost Of Living In New Milford, NJ Summary
Cost of living in New Milford 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 New Milford 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 New Milford is 148, with 100 being the average.
The cost of living index in New Milford is 1.5x higher than the national average.
New Milford ranks as the #198 cheapest in New Jersey out of 260.
New Milford ranks as the #5,642 cheapest out of 6,489 in the US.
The median home value in New Milford is $694,064.
The median income in New Milford is $113,513.
Table Of Contents
New Milford's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in New Milford, NJ?
According to the most recent data on the cost of living, New Milford has an overall cost of living index of 148, which is 1.5x higher than the national index of 100.
Compared to New Jersey, New Milford has a cost of living index that's 1.2x higher than New Jersey's index of 122.
The standard of living in New Milford ranks as #198 most affordable out of the 260 places we measured in New Jersey. By definition, that implies New Milford ranks as the #62 most expensive place in the Garden State.
For more reading on life in New Milford, check out:
In New Jersey
In America
New Milford Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in New Milford. Here is how it fairs on each of the criteria:
The Services index in New Milford is 125.
The Groceries index in New Milford is 114.
The Health index in New Milford is 119.
The Housing index in New Milford is 210.
The Transportation index in New Milford is 116.
The Utilities index in New Milford is 102.
| Living Expense | New Milford | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 148 | 122 | 100 | |
| Services | 125 | 108 | 100 | |
| Groceries | 114 | 104 | 100 | |
| Health | 119 | 99 | 100 | |
| Housing | 210 | 159 | 100 | |
| Transportation | 116 | 101 | 100 | |
| Utilities | 102 | 107 | 100 | |
New Milford, 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 New Milford is $694,064.
The Median Rent in New Milford is $1,722.
The Median Income in New Milford is $113,513.
The Home Value To Income in New Milford is 6.1x.
The Rent To Monthly Income in New Milford is 0.18x.
| Statistic | New Milford | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $694,064 | $564,432 | $303,400 |
| Median Rent | $1,722 | $1,653 | $1,348 |
| Median Income | $113,513 | $101,050 | $78,538 |
| Home Value To Income | 6.1x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.18x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
New Milford, NJ Costs By Category
Detailed New Milford Services Costs Vs. New Jersey
| Item | New Milford | New Jersey |
|---|---|---|
| Shampoo | $1.69 | $1.28 |
| Movie | $13.68 | $12.13 |
| Bowling | $29.4 | $18 |
| Haircut | $34.94 | $24.26 |
| Beauty Salon | $64.07 | $45.56 |
Detailed New Milford Groceries Costs Vs. New Jersey
| Item | New Milford | New Jersey |
|---|---|---|
| Ground Beef | $5.87 | $5.84 |
| Fried Chicken | $1.46 | $1.57 |
| Milk | $4.97 | $4.67 |
| Potatoes | $5.21 | $4.93 |
| Pizza | $12.57 | $12.09 |
| Beer | $11.87 | $10.41 |
| Toothpaste | $3.96 | $3.7 |
Detailed New Milford Health Costs Vs. New Jersey
| Item | New Milford | New Jersey |
|---|---|---|
| Optometrist | $128.97 | $125.68 |
| Doctor | $162.24 | $135.78 |
| Dentist | $149.64 | $113.29 |
Detailed New Milford Transportation Costs Vs. New Jersey
| Item | New Milford | New Jersey |
|---|---|---|
| Gasoline | $3.55 | $3.46 |
| Tire Balancing | $86.43 | $59.92 |
Detailed New Milford Utilities Costs Vs. New Jersey
| Item | New Milford | New Jersey |
|---|---|---|
| All Electricity | $201.27 | $193.99 |
| Phone | $200.67 | $192.25 |
New Milford SnackAbility
/10
Cost Of Living In Cities Around New Milford
The cost of living varies in the cities and towns around New Milford. Here's a quick look at the cost of living in the most populous nearby places:
Hackensack, NJ has a cost of living index of 134, 0.9x New Milford.
Bergenfield, NJ has a cost of living index of 137, 0.9x New Milford.
Paramus, NJ has a cost of living index of 169, 1.1x New Milford.
| City | Population | Cost Of Living | Vs. New Milford |
|---|---|---|---|
| Hackensack, NJ | 45,768 | 134 | 0.9x |
| Bergenfield, NJ | 28,269 | 137 | 0.9x |
| Paramus, NJ | 26,500 | 169 | 1.1x |
| Mamaroneck, NY | 19,840 | 166 | 1.1x |
| Dumont, NJ | 18,072 | 140 | 0.9x |
| Port Washington, NY | 17,613 | 194 | 1.3x |
| River Edge, NJ | 12,024 | 159 | 1.1x |
| Maywood, NJ | 10,042 | 141 | 1.0x |
| Cresskill, NJ | 9,101 | 183 | 1.2x |
| Oradell, NJ | 8,197 | 172 | 1.2x |
