Cape May, NJ, shows a higher cost of living than the nationwide average, with an index score of 115. Housing costs stand at 35% above the national average, followed by groceries at 10% higher, and healthcare at 20% more. This indicates that relocating to Cape May may require higher budgets in these areas.
Cape May, New Jersey, presents a cost of living that is notably higher than the nationwide average, which is set at 100 for comparison purposes. Housing expenses in Cape May stand at 135, reflecting a 35% increase over the national average. This suggests that renters and homeowners in Cape May can expect to spend significantly more on their living accommodations. Groceries, another essential cost, also exceed the national average by 10%, with an index of 110. These higher costs may impact the overall budget of those considering relocating to or living in Cape May.
Transportation costs in Cape May are slightly above the average, with an index of 105, indicating a 5% increase. Utilities, however, are more affordable compared to the national average, with an index of 95, representing a 5% decrease. Healthcare and miscellaneous expenses also exceed the national average, with indexes of 120 and 115 respectively, indicating increases of 20% and 15%. These metrics highlight the necessity for potential residents to carefully consider their financial planning and budget adjustments when considering life in Cape May, NJ.
