Cost of Living in Hancocks Bridge, New Jersey
Hancocks Bridge is a Census-designated place in Salem County, New Jersey, with a population of 248. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Hancocks Bridge is $40,333 a year — less than the annual cost of living for New Jersey of $41,884 and greater than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Hancocks Bridge and over 29,000 other cities and towns in the US.
Housing Costs in Hancocks Bridge, New Jersey
Housing is one of the largest components of cost of living. In Hancocks Bridge, the median home value is $162,500, less than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Hancocks Bridge, some 28.10% of occupied homes are rented, less than the 36.2% national renter rate.
Transportation Costs in Hancocks Bridge, New Jersey
Transportation can also be a significant component of cost of living. In Hancocks Bridge, 91.80% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 90.40% of workers commute to jobs outside of Hancocks Bridge, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Hancocks Bridge is 24.3 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Hancocks Bridge spends $11,086 a year on transportation, more than the national average of $9,760.
Health Care Costs in Hancocks Bridge, New Jersey
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are closely in line with the national average in Hancocks Bridge and also in line with what they are across New Jersey as a whole.
For a single adult living in the area, average health care costs come out to $4,331 per year, compared to an average of $4,273 across New Jersey and $4,266 nationwide.
Child care Costs in Hancocks Bridge, New Jersey
For families with children, child care adds thousands of dollars to overall annual spending. In Hancocks Bridge, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $16,605, about $2,300 less than the comparable average of $18,864 across all of New Jersey. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Hancocks Bridge, New Jersey
Food is another every day expense that has a significant impact on overall cost of living. Data from the U.S. Department of Agriculture shows that the cost of food varies from city to city and town to town.
In Hancocks Bridge, a single adult spends an average of $3,711 on food annually, and a family of four spends $10,716 on average. For context, average annual food expenditure across New Jersey and the U.S., respectively, are $3,433 and $3,240 for a single adult, and $9,914 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Hancocks Bridge, New Jersey
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Hancocks Bridge, New Jersey pays $6,476 annually — closely in line with the statewide average of $6,840.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Hancocks Bridge residents live in a state with a high average tax burden. Per capita state tax collections in New Jersey total $3,970 per year, compared to the $3,151 average across all states.
To estimate the cost of housing, food, transportation, health care, child care, taxes, and other necessities, 24/7 Wall St. assigned county-level Economic Policy Institute data to cities, towns, villages and Census-designated places based on boundary definitions from the U.S. Census Bureau. For places that span multiple counties, data was aggregated based on the percentage of boundary overlap.
Read More About Cost of Living
24/7 Wall St. has published detailed cost of living analysis for all 50 states and over 29,000 cities across the country. Search for a city or state to view here:See a list of all available cities in New Jersey by clicking here.
More TopicsClick here to see detailed analysis about crime in every state
Click here to see updated data about coronavirus in every state