Cranford, NJ Cost of Living

It is located in the heart of Union County and has a population of more than 24,000 people. In 1871, the small river town of 4.8 square miles was established, and many of its historic homes can still be found along the Rahway River. There are a lot of parks and recreational facilities in this area, as well as great schools and shopping.

What is the Cost of Living?

A city's cost of living is often used to measure how affordable it is to live there. An individual's basic expenses in a given location and time frame are the cost of living. Included here would be the average home price, food, taxes, and medical care. Using a cost of living index to determine if moving to Cranford, New Jersey, would benefit you and your family based on your projected income is particularly useful. An average of 100 is used to calculate this index. For example, if the COL index of housing in a particular area is 130, it is 30% higher than the national average.

Overview: Cranford, NJ Cost of Living

As the most expensive item in Cranford's budget, housing costs 106.9 percent more than the national average, the city's overall cost of living is nearly 50 percent higher than the national average. The following is a concise breakdown of the town's basic expense index:

Compared to the state average, the overall cost of living in Cranford, New Jersey, is 142.7. This is the state's average COL index for groceries, at 107.2. There is an 88.7 point difference between the COL and state health indexes. More than twice as much as the state's average is spent on housing (206.9 compared to 142.4). COL transportation is 142.8 points above the average of 127.7 points for the entire state. Utilities have a COL index of 104.9, while the standard for the state is 109.2. Cranford, New Jersey residents spend 7.2% more on groceries than the national average.

Cost of Food and Groceries in Cranford, NJ

Restaurants:
Meal at an inexpensive restaurant: $12.00
A three-course dinner for two people at a mid-range restaurant: $50.00
A McMeal at McDonald's (or equivalent combo meal): $8.00

Groceries: 
Coke/Pepsi (0.33-liter bottle): $2.38
Water (0.33-liter bottle): $1.64
Milk (1 liter): $0.97
Loaf of fresh white bread (500g): $2.11
White rice (1kg): $1.10
Eggs (1 dozen): $2.99
Chicken filet (1kg): $4.39
Beef round (1kg): $13.21
Apples (1kg): $3.28
Bananas (1kg): $2.52
Oranges (1kg): $3.06
Tomatoes (1kg): $4.73
Potatoes (1kg): $1.87
Onions (1kg): $1.87
Lettuce (1 head): $2.00
Water (1.5-liter bottle): $1.75
Bottle of Wine (mid-range): $12.99

Costs of Basic Services in Cranford, NJ

-Monthly gym membership fee: $20.10
-Simple haircut at a salon: $15.80
-1-month daycare or pre-school fee: $654.00
-A visit to a general practitioner: $108
-Cinema ticket: $12.00
 
Housing Costs in Cranford, NJ

  
Cranford, New Jersey, has a median home price of $486,600. For the most part, people buy homes for about $217,500. Only 21% of Cranford residents are renters, while 79% of the population owns a home. $1,705 is the average monthly rent in Cranford, New Jersey. The average rent in the United States is $1,062 per month.
 
Utility Costs in Cranford, NJ
 
For an 85-square-foot apartment in Cranford, NJ, the average electricity bill is $150 per month. Around $60 per month is the average monthly cost of internet service in Cranford, New Jersey
 
Transportation Costs in Cranford, NJ
 
The Raritan Valley train line and NJ Transit buses both run through the township. A $2.15 one-way commuter ticket is available. There is a $56.1 monthly fee for using the local transportation. The cost of an 8-kilometer (or 5-mile) taxi ride is $20. The price of a liter of gas, or 0.26 gallons, is $0.73.
 
Taxes in Cranford, NJ
 
All residents and non-residents who earn income in New Jersey must pay state income taxes. New Jersey has a progressive tax structure, with deductions and credits available to those who qualify.
 
It is reported that the Tax Foundation places New Jersey's sales tax at 6.625 percent, which ranks it eighth nationally. New Jersey's average property tax rate is 2.42 percent, higher than the 1.07 percent national average. Estate and inheritance taxes are levied on the assets of deceased individuals in New Jersey. An estate's value is a factor and its relationship to the deceased.
  
Cranford, New Jersey, is a beautiful place to call home. If you're thinking about moving to this town, I hope this article has provided you with the information you need to make an informed decision. You can also contact me if you're looking to buy a new home in this area, and I'll do my best to assist you in finding the ideal property for your lifestyle, personal preferences, and budget. Any questions or requests for an appointment can be addressed by contacting me at the following numbers: 1-908-447-3579 (direct) or 1-908 233 0065 (office).