Red Bank, NJ Cost Of Living
Cost Of Living In Red Bank, NJ Summary
Cost of living in Red Bank 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 Red Bank 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 Red Bank is 143, with 100 being the average.
The cost of living index in Red Bank is 1.4x higher than the national average.
Red Bank ranks as the #185 cheapest in New Jersey out of 260.
Red Bank ranks as the #5,499 cheapest out of 6,489 in the US.
The median home value in Red Bank is $678,236.
The median income in Red Bank is $101,738.
Table Of Contents
Red Bank's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Red Bank, NJ?
According to the most recent data on the cost of living, Red Bank has an overall cost of living index of 143, which is 1.4x higher than the national index of 100.
Compared to New Jersey, Red Bank has a cost of living index that's 1.2x higher than New Jersey's index of 122.
The standard of living in Red Bank ranks as #185 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Red Bank ranks as the #75 most expensive place in the Garden State.
For more reading on life in Red Bank, check out:
In New Jersey
In America
Red Bank Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Red Bank. Here is how it fairs on each of the criteria:
The Services index in Red Bank is 126.
The Groceries index in Red Bank is 111.
The Health index in Red Bank is 123.
The Housing index in Red Bank is 206.
The Transportation index in Red Bank is 115.
The Utilities index in Red Bank is 103.
| Living Expense | Red Bank | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 143 | 122 | 100 | |
| Services | 126 | 108 | 100 | |
| Groceries | 111 | 104 | 100 | |
| Health | 123 | 99 | 100 | |
| Housing | 206 | 159 | 100 | |
| Transportation | 115 | 101 | 100 | |
| Utilities | 103 | 107 | 100 | |
Red Bank, 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 Red Bank is $678,236.
The Median Rent in Red Bank is $1,985.
The Median Income in Red Bank is $101,738.
The Home Value To Income in Red Bank is 6.7x.
The Rent To Monthly Income in Red Bank is 0.23x.
| Statistic | Red Bank | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $678,236 | $564,432 | $303,400 |
| Median Rent | $1,985 | $1,653 | $1,348 |
| Median Income | $101,738 | $101,050 | $78,538 |
| Home Value To Income | 6.7x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.23x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Red Bank, NJ Costs By Category
Detailed Red Bank Services Costs Vs. New Jersey
| Item | Red Bank | 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 Red Bank Groceries Costs Vs. New Jersey
| Item | Red Bank | 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 Red Bank Health Costs Vs. New Jersey
| Item | Red Bank | New Jersey |
|---|---|---|
| Optometrist | $128.97 | $125.68 |
| Doctor | $162.24 | $135.78 |
| Dentist | $149.64 | $113.29 |
Detailed Red Bank Transportation Costs Vs. New Jersey
| Item | Red Bank | New Jersey |
|---|---|---|
| Gasoline | $3.55 | $3.46 |
| Tire Balancing | $86.43 | $59.92 |
Detailed Red Bank Utilities Costs Vs. New Jersey
| Item | Red Bank | New Jersey |
|---|---|---|
| All Electricity | $201.27 | $193.99 |
| Phone | $200.67 | $192.25 |
Red Bank SnackAbility
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Cost Of Living In Cities Around Red Bank
The cost of living varies in the cities and towns around Red Bank. Here's a quick look at the cost of living in the most populous nearby places:
Tinton Falls, NJ has a cost of living index of 134, 0.9x Red Bank.
Fairview, NJ has a cost of living index of 156, 1.1x Red Bank.
West Freehold, NJ has a cost of living index of 136, 1.0x Red Bank.
| City | Population | Cost Of Living | Vs. Red Bank |
|---|---|---|---|
| Tinton Falls, NJ | 19,252 | 134 | 0.9x |
| Fairview, NJ | 14,920 | 156 | 1.1x |
| West Freehold, NJ | 14,233 | 136 | 1.0x |
| Fords, NJ | 13,052 | 129 | 0.9x |
| Freehold, NJ | 12,504 | 125 | 0.9x |
| Rumson, NJ | 7,265 | 239 | 1.7x |
| Yorketown, NJ | 7,265 | 140 | 1.0x |
| Lincroft, NJ | 6,901 | 146 | 1.0x |
| Strathmore, NJ | 6,593 | 136 | 1.0x |
| Ramtown, NJ | 6,410 | 134 | 0.9x |
