Guttenberg, NJ vs Silver Lake CDP (Essex County), NJ

Guttenberg, NJ and Silver Lake CDP (Essex County), NJ have a very similar cost of living, with only a 4.2% difference in their overall index. Guttenberg scores 119 while Silver Lake CDP (Essex County) scores 125 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 Guttenberg is $1,661/month compared to $1,501/month in Silver Lake CDP (Essex County) — a 11% difference. Interestingly, home values tell a different story: while Silver Lake CDP (Essex County) has cheaper rent, Guttenberg actually has lower median home values ($360,700 vs $483,700).

Median household income in Guttenberg is $77,636 compared to $86,615 in Silver Lake CDP (Essex County) (-10.4%). While Silver Lake CDP (Essex County) is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Guttenberg spend roughly 25.7% of their income on rent, more than the 20.8% in Silver Lake CDP (Essex County).