Direct Answer
Lakewood, NJ has a CostOfCity index of 112, which is 12% above the national baseline. Average modeled rent is $1,763/month and the single-adult living cost estimate is $4,552/month.
How to Use This City Page
Cost of Living in Lakewood: The Full Picture
Lakewood is home to roughly 135,000 people in the heart of New Jersey's northeastern landscape. With everyday expenses running 12% above the national average, this is a city where a port-and-logistics economy where blue-collar industries meet white-collar management in a balanced mix. That economic DNA shapes everything from housing to what you pay for a plumber. Below you'll find cost data across every category we track.
Lakewood has a recovering industrial economy reinventing itself around eds and meds
The housing market features a housing market that gives you more square footage per dollar than either coast
The seasonal swing from single digits to 90-degree summers keeps HVAC technicians busy and homeowners writing checks.. The lifestyle here is characterized by Old brownstones, corner delis, and a 'pay more for less space' ethos that somehow remains magnetic..
Above-average but not extreme — that's the financial picture in Lakewood. A cost index of 112 means careful budgeting goes a long way, and you'll find pockets of value if you know where to look.
💰 Purchasing Power in Lakewood
Purchasing power adjusted to national average baseline. In Lakewood, your dollar buys 11% less than the national average.
🔺 Where Lakewood Costs More
🔽 Where Lakewood Costs Less
💰 Salary Landscape
vs national average · higher = better
Monthly Living Expenses in Lakewood
What it actually costs to live in Lakewood each month — from tight budgets to comfortable lifestyles.
Estimates include housing, food, transportation, utilities, insurance, and discretionary spending. Based on Lakewood's cost index of 112 applied to national spending surveys.
🏘️ Neighborhood Cost Variation
Don't let the metro-wide numbers fool you — Lakewood is a city of micro-markets. The most expensive ZIP codes can cost twice as much as the most affordable ones for identical services. Shop around by neighborhood and you'll find genuine pockets of value.
Lakewood vs U.S. Average Cost of Living
Category-by-category affordability grades — based on deviation from the national average.
🏠 Home Services in Lakewood
What contractors charge for the most common repairs, installations, and remodels
Roof Replacement
+4%HVAC Installation
+20%Plumbing Services
+23%Electrical Work
+27%Kitchen Remodel
+21%Bathroom Remodel
+29%House Painting
+8%Flooring Installation
+25%Landscaping
+13%Fence Installation
+19%Window Replacement
+36%Solar Panel Installation
+21%Water Heater Replacement
+27%Deck Building
+6%Pool Installation
+19%Tree Removal
+36%Garage Door Repair
+35%💼 Business Startup Costs in Lakewood
Full startup cost breakdowns — from lease deposits to working capital
Start a Restaurant
+17%Start a Coffee Shop
-5%Start a Food Truck
-10%Start a Gym
+36%Start a Daycare
+21%Start a Hair Salon
+2%Start a Laundromat
+31%Start a Bakery
+11%Start a Bar
+14%Start a Cleaning Business
+11%Start an Airbnb
+6%Start a Trucking Business
+2%📊 Cost of Living in Lakewood
Monthly expenses for housing, food, transportation, and everyday necessities
Cost of Living
+14%Rent Prices
+25%Grocery Costs
+22%Utility Costs
+9%Transportation Costs
+13%Childcare Costs
+16%Gym Membership
+7%🛡️ Insurance in Lakewood
Annual and monthly premium estimates for major insurance categories
Car Insurance
+15%Home Insurance
+7%Health Insurance
+31%Business Insurance
+12%Life Insurance
+2%Renters Insurance
0%Pet Insurance
+13%Dental Insurance
+18%Motorcycle Insurance
-3%⚖️ Legal Services in Lakewood
Attorney fees, court costs, and total legal service expenses
Personal Injury Lawyer
+28%Divorce Lawyer
+15%DUI Lawyer
+7%Immigration Lawyer
+23%Estate Planning Lawyer
+32%Workers Comp Lawyer
+16%Bankruptcy Lawyer
+35%💰 Salaries & Jobs in Lakewood
Annual compensation by experience level, role, and specialization
Software Developer Salary
+30%Registered Nurse Salary
+22%Teacher Salary
-4%Electrician Salary
+4%Plumber Salary
+17%Accountant Salary
+23%Physical Therapist Salary
+14%Police Officer Salary
+24%Dentist Salary
+28%Real Estate Agent Salary
-1%How Much Income Do You Need in Lakewood?
✅ Best For
- Mid-career professionals
- Remote workers with out-of-market salaries
- Couples with dual incomes
⚠️ Not Ideal For
- Those seeking rock-bottom costs
- Single-income families with tight budgets
Talk to current residents about hidden costs. Property taxes, commute expenses, and local fees can add 10-15% to your estimated monthly budget. Local subreddits and Facebook groups are goldmines for this intel.
CostOfCity Value Index
The CostOfCity Value Index combines cost-of-living data with median income, savings potential, and cost growth trends to produce a single score. Higher = better value for your money. Updated quarterly.
Get Lakewood Cost Alerts
Free monthly brief: rent shifts, insurance rate changes, and salary trends in Lakewood. No spam — just the numbers that matter.
Free monthly cost alerts. Unsubscribe anytime. We never share your email.
Frequently Asked Questions About Lakewood
How does Lakewood compare to other cities in NJ?
Within New Jersey, Lakewood has a cost index of 112. Nearby options include Trenton and Elizabeth, which offer useful comparison points.
Is Lakewood, NJ expensive to live in?
Lakewood's cost of living index is 112, which is 12% above the national average of 100. Lakewood is moderately above average — noticeable but not extreme.
What is the median household income in Lakewood?
The median household income in Lakewood is approximately $44,000 per year. Adjusted for local cost of living (index: 112), this may stretch less than the raw number suggests.
Explore Lakewood in Depth
Nearby Cities to Compare
7% more affordable than Lakewood
2% more expensive than Lakewood
75% more expensive than Lakewood
8% more expensive than Lakewood
23% more expensive than Lakewood
10% more affordable than Lakewood