Strategically located at the heart of Union County, Cranford, NJ is home to over 24,000 residents. The quaint river town that spans 4.8 square miles of wonderful neighborhoods was established in 1871, and historic homes dating back to the late 1800s can still be seen along the Rahway River. Some of the things residents love about this place are its parks, recreational facilities, outstanding schools, and shopping areas.
If you are considering moving to Cranford, NJ, it would be beneficial for you to check the cost of living in this town and compare it with that of your current residence. This will help you determine whether this place is more affordable or more expensive than your present location.
What is the Cost of Living?
Cost of living is often used to compare the affordability of living in one city compared to another. The term cost of living refers to the amount of money an individual needs to be able to pay for the basic expenses in a particular location and within a particular time period. This would include the average costs of housing, food, taxes, and healthcare.
A cost of living index is particularly helpful if you are considering moving to Cranford, NJ, and you want to see if moving here would be beneficial for you and your family given your projected income. This index is based on a national average of 100. And so, for instance, if the COL index of housing in a given area is 130, then it is 30% higher than the national average.
Overview: Cranford, NJ Cost of Living
The overall cost of living in Cranford, NJ is almost 50% higher than the national average, with housing as the highest expense – 106.9% higher compared to the national average. Groceries and utilities are about the same as the rest of the nation. Transportation costs in the town and the rest of New Jersey are relatively lower than the nation’s average, at 88.7 and 88.4 respectively. Here’s a quick summary of the cost of living index of the basic expenses in this town:
|The overall cost of living in Cranford, NJ is 142.7; the state average is 120.4.|
|The COL index for groceries is 107.2; the state average is 105.8.|
|The COL index for health is 88.7; the state average is 88.4.|
|The COL index for housing is 206.9; the state average is 142.4.|
|The COL index for transportation is 142.8; the state average is 127.7.|
|The COL index for utilities is 104.9; the state average is 109.2.|
Cost of Food and Groceries in Cranford, NJ
On average, households in Cranford, NJ spend around 7.2% above the national average on groceries.
|Meal at an inexpensive restaurant: $12.00|
|A three-course meal for two people at a mid-range restaurant: $50.00|
|A McMeal at McDonalds (or equivalent combo meal): $8.00|
|Cappuccino (regular): $4.50|
|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
Although home sale prices in this town are more than double the nation’s average, the majority of residents are able to own their homes as the median household income is quite high, at $129,781. This is relatively higher compared to the national median which is $62,843.
|The median home price in Cranford, NJ is $486,600.|
|The median home price across the nation is $217,500.|
|Just 21% of Cranford residents are renters; 79% own their homes.|
|Median monthly rent in Cranford is $1,705.|
|Median monthly rent across the nation is $1,062.|
Utility Costs in Cranford, NJ
|The average monthly electricity bill in Cranford, NJ amounts to around $150 for an 85 sqm apartment.|
|The average monthly cost of internet services in Cranford, NJ amounts to around $60.|
Transportation Costs in Cranford, NJ
|The Township is served by the NJ Transit bus and Raritan Valley train line.|
|Local transport ticket costs $2.15.|
|The cost of a monthly ticket for local transport is $56.1.|
|A Taxi ride (8km or 5mi) will cost $20.|
|1 liter or 0.26 gallon of gas costs $0.73.|
Taxes in Cranford, NJ
The state of New Jersey requires every resident and non-resident earning an income in the state to pay state income taxes. New Jersey has a progressive tax structure, with credits and deductions available for eligible taxpayers to lower their tax obligations.
|There are several forms of tax-exempt income in the state, including Social Security benefits, military pensions, disability benefits, and unemployment compensation.|
|Sales tax rate in New Jersey is 6.625%, ranking 8th in the country, according to the Tax Foundation.|
|“Several items are exempt from sales tax in New Jersey: • Over-the-counter and prescription drugs • Groceries • Clothing • Footwear • Real estate sales”|
|The average property tax rate in New Jersey is 2.42%, higher compared to the national average of 1.07%.|
|New Jersey imposes estate and inheritance taxes on the assets of a deceased individual. The rates depend on the value of the estate and the relationship between the beneficiary and the decedent.|
Cranford, NJ is indeed an amazing place to live in. If you are considering relocating to this town, I hope that the information provided in this article has helped you assess if the potential move will be beneficial for you. And if you are planning to buy your new home in this location, feel free to get in touch with me and I will be more than happy to help you find the perfect home for you, based on your lifestyle, personal preferences, and budget. Feel free to give me a call today at 1-908-447-3579 (direct) or at 1-908-233-0065 (office) if you have any questions or if you would like to schedule an appointment.