Summit, NJ, has a higher cost of living than the nationwide average. The overall cost of living index in Summit is 120.2, which means living expenses are 20.2% above the national average of 100. This includes higher costs for housing, groceries, utilities, and miscellaneous expenses.
For job seekers considering Summit, it is important to note that housing costs are particularly elevated at 80% above the national average. Groceries and utilities also show significant increases, with indexes of 20% and 10% above the national average, respectively. Therefore, while Summit offers quality living, it demands a higher budget to maintain a comfortable lifestyle.
Summit, NJ, stands out with a higher cost of living compared to the nationwide average, which is set at 100. Housing in Summit is notably more expensive, with an index of 180, meaning it costs 80% more than the national average. Job seekers considering this area should be prepared for significantly higher housing expenses. Groceries also show a considerable increase, with an index of 120. This translates to a 20% higher cost compared to the average.
Utilities in Summit are 10% more costly than the national average, with an index of 110. Transportation costs are slightly above average, with an index of 105, indicating a 5% increase. Healthcare costs are lower, with an index of 95, meaning they are 5% less expensive than the nationwide average. Miscellaneous expenses also rise, with an index of 115, showing a 15% increase over the national average. These figures provide a clear picture for professionals considering Summit, NJ, for their next job opportunity.
