Carteret, NJ vs Chatham, NJ

There is a significant gap in the cost of living between these two cities. Carteret is 29.3% cheaper than Chatham. With a cost index of 131 vs 185, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Carteret to Chatham should plan for substantially higher expenses across most categories.

On the housing front, median rent in Carteret is $2,012/month compared to $2,251/month in Chatham — a 11% difference. Home values follow the same pattern: Carteret is more affordable at $370,200 median vs $944,300.

Median household income in Carteret is $87,553 compared to $250,001 in Chatham (-65%). While Chatham is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Carteret spend roughly 27.6% of their income on rent, more than the 10.8% in Chatham.