Carteret, NJ vs Lakewood, NJ

Carteret is moderately more affordable than Lakewood, with a 6.6% lower cost of living index. Carteret scores 131 compared to 140 for Lakewood, where the US average is 100. This difference means residents of Lakewood can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Carteret is $2,012/month compared to $1,647/month in Lakewood — a 22% difference. Interestingly, home values tell a different story: while Lakewood has cheaper rent, Carteret actually has lower median home values ($370,200 vs $618,400).

Median household income in Carteret is $87,553 compared to $57,576 in Lakewood (+52.1%). Carteret offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Carteret spend roughly 27.6% of their income on rent, less than the 34.3% in Lakewood. The Carteret ratio exceeds the commonly recommended 30% threshold, which can put pressure on household budgets.