Cost of Living in Carteret, NJ

With a cost of living index of 131, Carteret, NJ is a notably expensive place to live. Living here is 31% more expensive than the national average and 3% above the New Jersey state average of 128. With a population of 25,187, Carteret is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Carteret's cost of living. The median monthly rent is $2,012 (53% above the US median of $1,319), and the median home value sits at $370,200 (21% above the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Carteret is $87,553, which is 17% higher than the national median of $75,149. Residents spend roughly 28% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. While incomes are above average, they do not fully offset the higher cost of living.

Everyday prices in the New York-Newark-Jersey City, NY-NJ (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.