Cost of Living in New Milford, NJ
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
189.6
100 = national avg
+89.6 vs national average
Living Wage (1 Adult)
$83,412
per year
Living Wage (Family of 4)
$197,155
per year
Cost Index by Category
Housing253.7
Food136.8
Transportation173.5
Healthcare129.4
Utilities152.8
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$2,024
per month
2 Bedroom
$2,324
per month
The overall cost of living index in New Milford is 189.6, which is 89.6% above the national average. Housing costs are above the national average at an index of 253.7. A single adult needs to earn approximately $83,412 per year to cover basic expenses.