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 140, which is 1.4x higher than the national index of 100.
Compared to New Jersey, New Milford has a cost of living index that's 1.1x higher than New Jersey's index of 125.
The standard of living in New Milford ranks as #172 most affordable out of the 262 places we measured in New Jersey. By definition, that implies New Milford ranks as the #90 most expensive place in the Garden State.
For more reading on life in New Milford, check out:
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 fares on each of the criteria:
The Services index in New Milford is 106.
The Groceries index in New Milford is 113.
The Health index in New Milford is 214.
The Housing index in New Milford is 114.
The Transportation index in New Milford is 112.
The Utilities index in New Milford is 110.
| Living Expense | New Milford | New Jersey | National Average |
|---|---|---|---|
| Overall | 140 | 125 | 100 |
| Services | 106 | 107 | 100 |
| Groceries | 113 | 113 | 100 |
| Health | 214 | 155 | 100 |
| Housing | 114 | 116 | 100 |
| Transportation | 112 | 112 | 100 |
| Utilities | 110 | 113 | 100 |
New Milford Cost Of Living Compared To New Jersey Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around New Jersey, check out:
Protect your home budget Compare home warranties in New Milford Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in New Milford is $727,506.
The Median Rent in New Milford is $1,765.
The Median Income in New Milford is $114,889.
The Home Value To Income in New Milford is 6.3x.
The Rent To Monthly Income in New Milford is 0.18x.
| Statistic | New Milford | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $727,506 | $569,411 | $332,700 |
| Median Rent | $1,765 | $1,720 | $1,413 |
| Median Income | $114,889 | $103,556 | $80,734 |
| Home Value To Income | 6.3x | 5.5x | 4.1x |
| Rent To Monthly Income | 0.18x | 0.2x | 0.21x |
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
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 128, 0.9x New Milford.
Bergenfield, NJ has a cost of living index of 134, 1.0x New Milford.
Paramus, NJ has a cost of living index of 175, 1.2x New Milford.
| City | Population | Cost Of Living | Vs. New Milford |
|---|---|---|---|
| Hackensack, NJ | 46,057 | 128 | 0.9x |
| Bergenfield, NJ | 28,450 | 134 | 1.0x |
| Paramus, NJ | 26,568 | 175 | 1.2x |
| Mamaroneck, NY | 19,826 | 165 | 1.2x |
| Dumont, NJ | 18,279 | 134 | 1.0x |
| Port Washington, NY | 18,004 | 196 | 1.4x |
| River Edge, NJ | 12,091 | 152 | 1.1x |
| Maywood, NJ | 10,093 | 137 | 1.0x |
| Cresskill, NJ | 9,174 | 181 | 1.3x |
| Oradell, NJ | 8,235 | 170 | 1.2x |
