Fair Lawn, NJ vs New Milford, NJ

Fair Lawn, NJ and New Milford, NJ have a very similar cost of living, with only a 2.8% difference in their overall index. Fair Lawn scores 141 while New Milford scores 137 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Fair Lawn is $1,908/month compared to $1,722/month in New Milford — a 11% difference. Interestingly, home values tell a different story: while New Milford has cheaper rent, Fair Lawn actually has lower median home values ($532,700 vs $554,800).

Median household income in Fair Lawn is $147,952 compared to $113,513 in New Milford (+30.3%). While Fair Lawn is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Fair Lawn spend roughly 15.5% of their income on rent, less than the 18.2% in New Milford.