Millburn, NJ is an attractive city for families and young professionals due to its high-quality amenities and businesses. Located in Essex County, Millburn is known for its excellent school district, rich cultural offerings, and access to nearby urban centers such as Newark and New York City. The median 2 bedroom rent in Millburn is $2,320, which is significantly higher than the national average of $1,430. Additionally, the Grocery Cost Index in Millburn is 116 versus 100 in the US. Popular local companies include Investors Bank (banking), Petco (pet supply retail), Panera Bread (café & bakery), and Stony Hill Farm Market (farm-to-table eatery).
Millburn has an unemployment rate of 9.6%. The US average is 6.0%.
Millburn has seen the job market decrease by -0.7% over the last year. Future job growth over the next ten years is predicted to be 20.9%, which is lower than the US average of 33.5%.
Tax Rates for Millburn
- The Sales Tax Rate for Millburn is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Millburn is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Millburn
- The average income of a Millburn resident is $82,922 a year. The US average is $28,555 a year.
- The Median household income of a Millburn resident is $250,001 a year. The US average is $69,021 a year.