Cost of Living in Budd Lake, New Jersey

Budd Lake is a Census-designated place in Morris County, New Jersey, with a population of 10,414. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Budd Lake is $47,203 a year — greater than the annual cost of living for New Jersey of $41,884 and greater than the national figure of $38,433.

Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Budd Lake and over 29,000 other cities and towns in the US.

Housing Costs in Budd Lake, New Jersey

Housing is one of the largest components of cost of living. In Budd Lake, the median home value is $328,100, greater than the national median home value of $204,900. The median price of a home built in 1939 or earlier is $239,800, while the median value of a home built in 2014 or later is $373,300.

Renting is a sometimes lower cost alternative to homeownership. In Budd Lake, some 32.10% of occupied homes are rented, less than the 36.2% national renter rate. The typical renter in Budd Lake spends $1,144 a month on housing, less than the $1,023 national median monthly rent.

In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Budd Lake, the median household income is $83,548, 3.9 times the median home value.

Transportation Costs in Budd Lake, New Jersey

Transportation can also be a significant component of cost of living. In Budd Lake, 90.80% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 91.20% of workers commute to jobs outside of Budd Lake, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Budd Lake is 32.4 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Budd Lake spends $9,928 a year on transportation, about the same as the national average of $9,760.

Health Care Costs in Budd Lake, New Jersey

Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are closely in line with the national average in Budd Lake and also in line with what they are across New Jersey as a whole.

For a single adult living in the area, average health care costs come out to $4,331 per year, compared to an average of $4,273 across New Jersey and $4,266 nationwide.

Child care Costs in Budd Lake, New Jersey

For families with children, child care adds thousands of dollars to overall annual spending. In Budd Lake, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $19,603, about $700 more than the comparable average of $18,864 across all of New Jersey. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.

Food Costs in Budd Lake, New Jersey

Food is another every day expense that has a significant impact on overall cost of living. Data from the U.S. Department of Agriculture shows that the cost of food varies from city to city and town to town.

In Budd Lake, a single adult spends an average of $3,616 on food annually, and a family of four spends $10,443 on average. For context, average annual food expenditure across New Jersey and the U.S., respectively, are $3,433 and $3,240 for a single adult, and $9,914 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.

Taxes in Budd Lake, New Jersey

Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Budd Lake, New Jersey pays $8,115 annually — a relatively high sum compared to the the statewide average of $6,840.

It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Budd Lake residents live in a state with a high average tax burden. Per capita state tax collections in New Jersey total $3,970 per year, compared to the $3,151 average across all states.

Methodology

To estimate the cost of housing, food, transportation, health care, child care, taxes, and other necessities, 24/7 Wall St. assigned county-level Economic Policy Institute data to cities, towns, villages and Census-designated places based on boundary definitions from the U.S. Census Bureau. For places that span multiple counties, data was aggregated based on the percentage of boundary overlap.

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