Paramus, NJ Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Paramus, NJ Summary

Cost of living in Paramus 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 Paramus 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 Paramus is 159, with 100 being the average.

  • The cost of living index in Paramus is 1.6x higher than the national average.

  • Paramus ranks as the #211 cheapest in New Jersey out of 251.

  • Paramus ranks as the #5,989 cheapest out of 6,412 in the US.

  • The median home value in Paramus is $623,900.

  • The median income in Paramus is $130,446.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
159
Paramus's Overall Cost Of Living
1.6x
Higher Than The National Average

What is the cost of living in Paramus, NJ?

According to the most recent data on the cost of living, Paramus has an overall cost of living index of 159, which is 1.6x higher than the national index of 100.

Compared to New Jersey, Paramus has a cost of living index that's 1.4x higher than New Jersey's index of 111.

The standard of living in Paramus ranks as #211 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Paramus ranks as the #40 most expensive place in the Garden State.

For more reading on life in Paramus, check out:

211 out of 251
In New Jersey
5,989 out of 6,412
In America

Paramus Cost Of Living Vs. New Jersey

Six factors go into calculating the cost of living index in Paramus. Here is how it fairs on each of the criteria:

  • The Services index in Paramus is 114.

  • The Groceries index in Paramus is 107.

  • The Health index in Paramus is 98.

  • The Housing index in Paramus is 272.

  • The Transportation index in Paramus is 109.

  • The Utilities index in Paramus is 102.

Living Expense Paramus New Jersey National Average
Overall 159 111 100
Services 114 104 100
Groceries 107 104 100
Health 98 95 100
Housing 272 130 100
Transportation 109 106 100
Utilities 102 108 100
For more reading on cost of living around New Jersey, check out:
Paramus Cost of Living Vs. NJ

Paramus, 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 2017-2021. The key points are:

  • The Median Home Value in Paramus is $623,900.

  • The Median Rent in Paramus is $2,470.

  • The Median Income in Paramus is $130,446.

  • The Home Value To Income in Paramus is 4.8x.

  • The Rent To Monthly Income in Paramus is 0.23x.

Statistic Paramus New Jersey United States
Median Home Value $623,900 $355,700 $244,900
Median Rent $2,470 $1,436 $1,163
Median Income $130,446 $89,703 $69,021
Home Value To Income 4.8x 4.0x 3.5x
Rent To Monthly Income 0.23x 0.19x 0.2x
Search Homes For Sale In Paramus, NJ
$623,900
Median Home Value
$2,470
Median Rent
$130,446
Median Income

Paramus, NJ Costs By Category

Detailed Paramus Services Costs Vs. New Jersey

Item Paramus New Jersey
Shampoo $1.0 $1.06
Movie $12.49 $10.68
Bowling $18.0 $14.67
Haircut $20.93 $18.62
Beauty Salon $36.53 $39.05

Detailed Paramus Groceries Costs Vs. New Jersey

Item Paramus New Jersey
Ground Beef $4.09 $4.22
Fried Chicken $1.79 $1.39
Milk $2.44 $2.05
Potatoes $3.25 $3.29
Pizza $11.36 $10.62
Beer $9.32 $9.38
Toothpaste $2.22 $2.34

Detailed Paramus Health Costs Vs. New Jersey

Item Paramus New Jersey
Optometrist $106.0 $108.57
Doctor $91.0 $116.17
Dentist $102.33 $99.13

Detailed Paramus Transportation Costs Vs. New Jersey

Item Paramus New Jersey
Gasoline $2.37 $2.22
Tire Balancing $54.12 $50.07

Detailed Paramus Utilities Costs Vs. New Jersey

Item Paramus New Jersey
All Electricity $178.53 $167.67
Phone $179.87 $175.64

Paramus SnackAbility

9
/10
Overall SnackAbility
Jobs
8/10
Housing
10
Affordability
4
Diversity
9
Safety
8
Amenities
9
Education
8.5
Commute
5

Cost Of Living In Cities Around Paramus

The cost of living varies in the cities and towns around Paramus. Here's a quick look at the cost of living in the most populous nearby places:

  • Fair Lawn, NJ has a cost of living index of 137, 0.9x Paramus.

  • Ridgewood, NJ has a cost of living index of 176, 1.1x Paramus.

  • Eastchester, NY has a cost of living index of 163, 1.0x Paramus.

City Population Cost Of Living Vs. Paramus
Fair Lawn, NJ 34,820 137 0.9x
Ridgewood, NJ 25,991 176 1.1x
Eastchester, NY 20,636 163 1.0x
Mamaroneck, NY 19,989 165 1.0x
New Milford, NJ 16,912 147 0.9x
Glen Rock, NJ 12,098 163 1.0x
River Edge, NJ 12,024 155 1.0x
Westwood, NJ 11,267 158 1.0x
Maywood, NJ 10,049 147 0.9x
Oradell, NJ 8,236 168 1.1x

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