Farmingdale, NY is a great place to live. It is known for its strong economy and has plenty of businesses located within the city. Local companies include Farmingdale Industries, which manufactures medical equipment; Farm Fresh Produce, a local farm-to-table restaurant; and KF Electronics, an electronics supplier. The average 2 bedroom rent in Farmingdale is higher than in the US as a whole at $2,120 compared to $1,430. Grocery costs are also higher with a grocery cost index of 107 versus 100 nationwide. Despite this higher cost of living, Farmingdale offers its residents job opportunities with competitive salaries and an excellent quality of life.
Farmingdale has an unemployment rate of 5.9%. The US average is 6.0%.
Farmingdale has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 28.3%, which is lower than the US average of 33.5%.
Tax Rates for Farmingdale
- The Sales Tax Rate for Farmingdale is 8.6%. The US average is 7.3%.
- The Income Tax Rate for Farmingdale is 6.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Farmingdale
- The average income of a Farmingdale resident is $36,525 a year. The US average is $28,555 a year.
- The Median household income of a Farmingdale resident is $116,103 a year. The US average is $69,021 a year.