Median rent is 37% lower in New York ($1,779/mo vs $2,845/mo). Buying is cheaper in Paramus, where the median home runs $736,000 versus $751,700. Households earn more in Paramus ($139,707 vs $79,713 a year).
City A
New York, NY
City B
Paramus, NJ
How much would you need to earn in Paramus, NJ to maintain your standard of living from New York, NY?
A cost-of-living index isn't available for one of these cities yet, so we can't compute an equivalent salary.
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
New York
New York
Paramus
New Jersey
👥Population
💰Median Household Income
Annual
🏠Median Gross Rent
Per month
🏡Median Home Value
📊Cost of Living Index
US avg = 100
🔑1BR Fair Market Rent
HUD FMR
🔑2BR Fair Market Rent
HUD FMR
🔑3BR Fair Market Rent
HUD FMR
🌬️Air Quality Index
Lower = cleaner
🏛️Top State Income Tax
Top marginal rate
🧾State Sales Tax
Statewide base rate
🎂Median Age
Years
✓ = better value · Sources: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in New York — median rent of $1,779/mo versus $2,845/mo in Paramus, a 37% difference. Median home values are within 2% of each other: $751,700 in New York and $736,000 in Paramus.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
New York's top income tax rate is 10.90% versus 10.75% in New Jersey, so Paramus is more tax-friendly for high earners. Sales tax is 4.00% in New York and 6.63% in New Jersey; New York has the lower rate (local add-ons may apply in both).
New York
Income tax: 10.90%
Sales tax: 4.00%
Paramus
Income tax: 10.75%
Sales tax: 6.63%
Air quality data is available for New York (avg AQI 61.0) but not yet for Paramus.
Pick Paramus if you prioritize higher median household income ($139,707/yr).
Pick New York if you prioritize cheaper rent ($1,779/mo median).
Pick Paramus if you prioritize lower state income tax (10.75%).
Is New York cheaper than Paramus?
Cost of living index data is not yet available for one or both cities.
How much is rent in New York vs Paramus?
Median rent is $1,779/mo in New York, NY and $2,845/mo in Paramus, NJ. New York, NY has the lower rent by about 37%.
Which has higher salaries — New York or Paramus?
Median household income is $79,713 in New York, NY and $139,707 in Paramus, NJ. Paramus, NJ has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — New York or Paramus?
New York's top income tax rate is 10.90% and New Jersey's is 10.75%. Paramus, NJ has the lower rate.
What salary do I need in Paramus to match my New York income?
RPP data needed for salary equivalence calculation is not yet available.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology