Elizabeth, NJ vs Lakewood, NJ

There is a significant gap in the cost of living between these two cities. Elizabeth is 17.1% cheaper than Lakewood. With a cost index of 116 vs 140, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Elizabeth to Lakewood should plan for substantially higher expenses across most categories.

On the housing front, median rent in Elizabeth is $1,463/month compared to $1,647/month in Lakewood — a 11% difference. Home values follow the same pattern: Elizabeth is more affordable at $393,500 median vs $618,400.

Median household income in Elizabeth is $63,874 compared to $57,576 in Lakewood (+10.9%). Elizabeth offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Elizabeth spend roughly 27.5% of their income on rent, less than the 34.3% in Lakewood. The Elizabeth ratio exceeds the commonly recommended 30% threshold, which can put pressure on household budgets.