Newton, IA is a small city located in Jasper County with a population of just over 15,000 people. It is renowned for its diverse culture and community spirit. The cost of living in Newton is lower than the national average, with the rent for a two bedroom apartment costing around $830 per month and an index of 95 for grocery costs compared to 100 in the US. This affordable cost of living makes it attractive to those seeking a quiet lifestyle. The local economy in Newton is driven by several large companies such as Walmart Supercenter, Hy-Vee Food Store, Deere & Company and International Paper. There are also several small businesses located throughout the city that provide employment opportunities to the local population. In addition to this, there are multiple restaurants offering delicious cuisine from around the world as well as many parks and recreational activities available to enjoy. With all these benefits combined, Newton is an ideal place to live for anyone looking for an affordable and tranquil lifestyle.
Newton has an unemployment rate of 4.5%. The US average is 6.0%.
Newton has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 30.8%, which is lower than the US average of 33.5%.
Tax Rates for Newton
- The Sales Tax Rate for Newton is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Newton is 9.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newton
- The average income of a Newton resident is $24,037 a year. The US average is $28,555 a year.
- The Median household income of a Newton resident is $51,026 a year. The US average is $69,021 a year.