Paramus, NJ Cost Of Living
Cost Of Living In Paramus, NJ Summary
Cost of living in Paramus 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 Paramus 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 Paramus is 169, with 100 being the average.
The cost of living index in Paramus is 1.7x higher than the national average.
Paramus ranks as the #231 cheapest in New Jersey out of 260.
Paramus ranks as the #6,049 cheapest out of 6,489 in the US.
The median home value in Paramus is $1,006,336.
The median income in Paramus is $139,707.
Table Of Contents
Paramus's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Paramus, NJ?
According to the most recent data on the cost of living, Paramus has an overall cost of living index of 169, which is 1.7x higher than the national index of 100.
Compared to New Jersey, Paramus has a cost of living index that's 1.4x higher than New Jersey's index of 122.
The standard of living in Paramus ranks as #231 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Paramus ranks as the #29 most expensive place in the Garden State.
For more reading on life in Paramus, check out:
In New Jersey
In America
Paramus Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Paramus. Here is how it fairs on each of the criteria:
The Services index in Paramus is 106.
The Groceries index in Paramus is 103.
The Health index in Paramus is 97.
The Housing index in Paramus is 310.
The Transportation index in Paramus is 109.
The Utilities index in Paramus is 112.
| Living Expense | Paramus | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 169 | 122 | 100 | |
| Services | 106 | 108 | 100 | |
| Groceries | 103 | 104 | 100 | |
| Health | 97 | 99 | 100 | |
| Housing | 310 | 159 | 100 | |
| Transportation | 109 | 101 | 100 | |
| Utilities | 112 | 107 | 100 | |
Paramus, 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 Paramus is $1,006,336.
The Median Rent in Paramus is $2,845.
The Median Income in Paramus is $139,707.
The Home Value To Income in Paramus is 7.2x.
The Rent To Monthly Income in Paramus is 0.24x.
| Statistic | Paramus | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $1,006,336 | $564,432 | $303,400 |
| Median Rent | $2,845 | $1,653 | $1,348 |
| Median Income | $139,707 | $101,050 | $78,538 |
| Home Value To Income | 7.2x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.24x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Paramus, NJ Costs By Category
Detailed Paramus Services Costs Vs. New Jersey
| Item | Paramus | New Jersey |
|---|---|---|
| Shampoo | $1.48 | $1.28 |
| Movie | $15.78 | $12.13 |
| Bowling | $21.0 | $18 |
| Haircut | $25.62 | $24.26 |
| Beauty Salon | $41.67 | $45.56 |
Detailed Paramus Groceries Costs Vs. New Jersey
| Item | Paramus | New Jersey |
|---|---|---|
| Ground Beef | $5.65 | $5.84 |
| Fried Chicken | $1.39 | $1.57 |
| Milk | $4.71 | $4.67 |
| Potatoes | $5.37 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.33 | $10.41 |
| Toothpaste | $3.72 | $3.7 |
Detailed Paramus Health Costs Vs. New Jersey
| Item | Paramus | New Jersey |
|---|---|---|
| Optometrist | $157.11 | $125.68 |
| Doctor | $115.59 | $135.78 |
| Dentist | $124.27 | $113.29 |
Detailed Paramus Transportation Costs Vs. New Jersey
| Item | Paramus | New Jersey |
|---|---|---|
| Gasoline | $3.41 | $3.46 |
| Tire Balancing | $82.67 | $59.92 |
Detailed Paramus Utilities Costs Vs. New Jersey
| Item | Paramus | New Jersey |
|---|---|---|
| All Electricity | $236.04 | $193.99 |
| Phone | $186.61 | $192.25 |
Paramus SnackAbility
/10
Cost Of Living In Cities Around Paramus
The cost of living varies in the cities and towns around Paramus. Here's a quick look at the cost of living in the most populous nearby places:
Fair Lawn, NJ has a cost of living index of 144, 0.9x Paramus.
Ridgewood, NJ has a cost of living index of 180, 1.1x Paramus.
Eastchester, NY has a cost of living index of 167, 1.0x Paramus.
| City | Population | Cost Of Living | Vs. Paramus |
|---|---|---|---|
| Fair Lawn, NJ | 35,153 | 144 | 0.9x |
| Ridgewood, NJ | 26,076 | 180 | 1.1x |
| Eastchester, NY | 20,519 | 167 | 1.0x |
| Mamaroneck, NY | 19,840 | 166 | 1.0x |
| New Milford, NJ | 16,882 | 148 | 0.9x |
| Glen Rock, NJ | 12,082 | 165 | 1.0x |
| River Edge, NJ | 12,024 | 159 | 0.9x |
| Westwood, NJ | 11,221 | 155 | 0.9x |
| Maywood, NJ | 10,042 | 141 | 0.8x |
| Oradell, NJ | 8,197 | 172 | 1.0x |
