Norwood, NJ Cost Of Living
Cost Of Living In Norwood, NJ Summary
Cost of living in Norwood 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 Norwood 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 Norwood is 174, with 100 being the average.
The cost of living index in Norwood is 1.7x higher than the national average.
Norwood ranks as the #238 cheapest in New Jersey out of 260.
Norwood ranks as the #6,127 cheapest out of 6,489 in the US.
The median home value in Norwood is $887,444.
The median income in Norwood is $164,766.
Table Of Contents
Norwood's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Norwood, NJ?
According to the most recent data on the cost of living, Norwood has an overall cost of living index of 174, which is 1.7x higher than the national index of 100.
Compared to New Jersey, Norwood has a cost of living index that's 1.4x higher than New Jersey's index of 122.
The standard of living in Norwood ranks as #238 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Norwood ranks as the #22 most expensive place in the Garden State.
For more reading on life in Norwood, check out:
In New Jersey
In America
Norwood Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Norwood. Here is how it fairs on each of the criteria:
The Services index in Norwood is 125.
The Groceries index in Norwood is 113.
The Health index in Norwood is 122.
The Housing index in Norwood is 297.
The Transportation index in Norwood is 113.
The Utilities index in Norwood is 104.
| Living Expense | Norwood | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 174 | 122 | 100 | |
| Services | 125 | 108 | 100 | |
| Groceries | 113 | 104 | 100 | |
| Health | 122 | 99 | 100 | |
| Housing | 297 | 159 | 100 | |
| Transportation | 113 | 101 | 100 | |
| Utilities | 104 | 107 | 100 | |
Norwood, 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 Norwood is $887,444.
The Median Rent in Norwood is $2,446.
The Median Income in Norwood is $164,766.
The Home Value To Income in Norwood is 5.4x.
The Rent To Monthly Income in Norwood is 0.18x.
| Statistic | Norwood | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $887,444 | $564,432 | $303,400 |
| Median Rent | $2,446 | $1,653 | $1,348 |
| Median Income | $164,766 | $101,050 | $78,538 |
| Home Value To Income | 5.4x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.18x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Norwood, NJ Costs By Category
Detailed Norwood Services Costs Vs. New Jersey
| Item | Norwood | 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 Norwood Groceries Costs Vs. New Jersey
| Item | Norwood | 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 Norwood Health Costs Vs. New Jersey
| Item | Norwood | New Jersey |
|---|---|---|
| Optometrist | $128.97 | $125.68 |
| Doctor | $162.24 | $135.78 |
| Dentist | $149.64 | $113.29 |
Detailed Norwood Transportation Costs Vs. New Jersey
| Item | Norwood | New Jersey |
|---|---|---|
| Gasoline | $3.55 | $3.46 |
| Tire Balancing | $86.43 | $59.92 |
Detailed Norwood Utilities Costs Vs. New Jersey
| Item | Norwood | New Jersey |
|---|---|---|
| All Electricity | $201.27 | $193.99 |
| Phone | $200.67 | $192.25 |
Norwood SnackAbility
/10
Cost Of Living In Cities Around Norwood
The cost of living varies in the cities and towns around Norwood. Here's a quick look at the cost of living in the most populous nearby places:
Mamaroneck, NY has a cost of living index of 166, 1.0x Norwood.
Port Washington, NY has a cost of living index of 194, 1.1x Norwood.
Closter, NJ has a cost of living index of 179, 1.0x Norwood.
| City | Population | Cost Of Living | Vs. Norwood |
|---|---|---|---|
| Mamaroneck, NY | 19,840 | 166 | 1.0x |
| Port Washington, NY | 17,613 | 194 | 1.1x |
| Closter, NJ | 8,544 | 179 | 1.0x |
| Pleasantville, NY | 7,395 | 176 | 1.0x |
| Briarcliff Manor, NY | 7,333 | 178 | 1.0x |
| Tappan, NY | 6,704 | 161 | 0.9x |
| Larchmont, NY | 6,542 | 231 | 1.3x |
| Irvington, NY | 6,541 | 170 | 1.0x |
| Bronxville, NY | 6,539 | 231 | 1.3x |
| Old Tappan, NJ | 5,896 | 194 | 1.1x |
