Cost of Living in Palmyra, NJ

With a cost of living index of 105, Palmyra, NJ is somewhat more expensive than average. Living here is 5% more expensive than the national average and 23% below the New Jersey state average of 128. Palmyra is a smaller community of 7,447 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Palmyra's cost of living. The median monthly rent is $1,680 (27% above the US median of $1,319), and the median home value sits at $216,600 (29% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Palmyra is $85,014, which is 13% higher than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower 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.