Lakewood, NJ

Very High · 148

New Jersey · Population 69,884 · Updated March 2026

$1,647
Median Rent / Month
$57,576
Median Income
$618,400
Median Home Value
$1,846
Owner Costs / Month

Affordability

How far your income goes in Lakewood

34.3%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in New Jersey

State-level tax rates that affect your costs

10.75%
Income Tax (Top Rate)
6.625%
Sales Tax
2.23%
Property Tax Rate

Estimated Annual Costs

$19,764
Annual Rent
$6,189
State Income Tax
$13,790
Property Tax (est.)

Cost of Living Overview

Lakewood has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 148 (where 100 equals the national median), Lakewood residents can expect to pay median rent of $1,647/month while earning a median household income of $57,576/year.

The median home value in Lakewood, NJ is $618,400, with typical monthly owner costs around $1,846 including mortgage, insurance, and taxes. At 34.3% rent-to-income ratio, residents of Lakewood are spending more than the recommended 30% of income on housing, indicating moderate cost burden.

New Jersey's top income tax rate of 10.75% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.625% sales tax rate and 2.23% effective property tax rate, the overall tax environment is a factor in the total cost of living in Lakewood.

Frequently Asked Questions

Common questions about living costs in Lakewood

What is the cost of living in Lakewood, NJ?
The cost of living index in Lakewood, NJ is 148 (US average = 100). Median monthly rent is $1,647, median household income is $57,576/year, and the median home value is $618,400.
Is Lakewood, NJ affordable?
No, Lakewood is more expensive than the national average with a cost index of 148. The rent-to-income ratio is 34.3%—above the 30%% affordability threshold.
What is the average rent in Lakewood, NJ?
The median gross rent in Lakewood, NJ is $1,647 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,764.
What is the median household income in Lakewood?
The median household income in Lakewood, NJ is $57,576 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Jersey?
New Jersey has a top income tax rate of 10.75%, a sales tax of 6.625%, and an effective property tax rate of 2.23%.