Carteret, NJ vs Madison Park, NJ

Madison Park is moderately more affordable than Carteret, with a 10.5% lower cost of living index. Carteret scores 131 compared to 118 for Madison Park, where the US average is 100. This difference means residents of Carteret 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 $1,558/month in Madison Park — a 29% difference. Interestingly, home values tell a different story: while Madison Park has cheaper rent, Carteret actually has lower median home values ($370,200 vs $386,200).

Median household income in Carteret is $87,553 compared to $76,396 in Madison Park (+14.6%). While Carteret 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 24.5% in Madison Park.