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 147, 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 #193 cheapest in New Jersey out of 251.
New Milford ranks as the #5,771 cheapest out of 6,412 in the US.
The median home value in New Milford is $442,000.
The median income in New Milford is $98,992.
According to the most recent data on the cost of living, New Milford has an overall cost of living index of 147, 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 1.3x higher than New Jersey's index of 111.
The standard of living in New Milford ranks as #193 most affordable out of the 251 places we measured in New Jersey. By definition, that implies New Milford ranks as the #58 most expensive place in the Garden State.
For more reading on life in New Milford, check out:
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 133.
The Groceries index in New Milford is 147.
The Health index in New Milford is 110.
The Housing index in New Milford is 190.
The Transportation index in New Milford is 132.
The Utilities index in New Milford is 99.
|Living Expense||New Milford||New Jersey||National Average|
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 New Milford is $442,000.
The Median Rent in New Milford is $1,471.
The Median Income in New Milford is $98,992.
The Home Value To Income in New Milford is 4.5x.
The Rent To Monthly Income in New Milford is 0.18x.
|Statistic||New Milford||New Jersey||United States|
|Median Home Value||$442,000||$355,700||$244,900|
|Home Value To Income||4.5x||4.0x||3.5x|
|Rent To Monthly Income||0.18x||0.19x||0.2x|
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 141, 1.0x New Milford.
Paramus, NJ has a cost of living index of 159, 1.1x New Milford.
|City||Population||Cost Of Living||Vs. New Milford|
|Port Washington, NY||16,807||185||1.3x|
|River Edge, NJ||12,024||155||1.1x|