Cost of living in Passaic 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 Passaic 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 Passaic is 122, with 100 being the average.
The cost of living index in Passaic is 1.2x higher than the national average.
Passaic ranks as the #102 cheapest in New Jersey out of 251.
Passaic ranks as the #4,905 cheapest out of 6,412 in the US.
The median home value in Passaic is $347,900.
The median income in Passaic is $49,436.
According to the most recent data on the cost of living, Passaic has an overall cost of living index of 122, which is 1.2x higher than the national index of 100.
Compared to New Jersey, Passaic has a cost of living index that's 1.1x higher than New Jersey's index of 111.
The standard of living in Passaic ranks as #102 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Passaic ranks as the #149 most expensive place in the Garden State.
For more reading on life in Passaic, check out:
Six factors go into calculating the cost of living index in Passaic. Here is how it fairs on each of the criteria:
The Services index in Passaic is 112.
The Groceries index in Passaic is 107.
The Health index in Passaic is 95.
The Housing index in Passaic is 150.
The Transportation index in Passaic is 106.
The Utilities index in Passaic is 102.
|Living Expense||Passaic||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 Passaic is $347,900.
The Median Rent in Passaic is $1,246.
The Median Income in Passaic is $49,436.
The Home Value To Income in Passaic is 7.0x.
The Rent To Monthly Income in Passaic is 0.3x.
|Statistic||Passaic||New Jersey||United States|
|Median Home Value||$347,900||$355,700||$244,900|
|Home Value To Income||7.0x||4.0x||3.5x|
|Rent To Monthly Income||0.3x||0.19x||0.2x|
The cost of living varies in the cities and towns around Passaic. Here's a quick look at the cost of living in the most populous nearby places:
Clifton, NJ has a cost of living index of 128, 1.0x Passaic.
Garfield, NJ has a cost of living index of 128, 1.0x Passaic.
Lodi, NJ has a cost of living index of 127, 1.0x Passaic.
|City||Population||Cost Of Living||Vs. Passaic|
|Elmwood Park, NJ||21,239||129||1.1x|
|Hasbrouck Heights, NJ||12,120||134||1.1x|
|Dobbs Ferry, NY||11,511||169||1.4x|