Cost of Living in Paramus, NJ

Housing

The housing market plays a significant role in determining the cost of living in Paramus, NJ.

• Housing Index: 135.0 / 100
• Median Home Price is: $570000
• Average Rent (2 BR Apartment): $2700 per month
• Average Rent (2 BR House): $2750 per month

When considering a move to Paramus, NJ, the housing market looks moderately priced with a housing index of 135.0. A median home price of 570000 indicates a potentially competitive market, appealing for those looking at property investment. Renting options stand at an average of 2700 for a 2-bedroom apartment and 2750 for a 2-bedroom house. This suggests that, while renting may be a feasible option, home ownership might offer long-term financial benefits. Weighing these factors alongside your budget and lifestyle preferences is essential before finalizing your decision.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Paramus, NJ.

• Electricity Price: 19.88 USD (median by state)
• Natural Gas Price: $14.01 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Paramus, NJ could entail higher utility costs. Electricity costs sit at 19.88, while natural gas is priced at 14.01 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 118.7

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $136824

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Paramus, NJ, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.