Somerset, NJ County is a vibrant area just south of New York City. It offers affordable housing options with two bedroom rentals averaging at $1,920 per month, which is lower than the national average of $1,430. The cost index for groceries in Somerset is also 7% higher than the US average, making it an attractive place to live for those who enjoy having access to high-quality goods. Some well-known companies located in Somerset are Johnson & Johnson, AT&T, and Panasonic North America Corporation. The county also features several local businesses such as restaurants, retail stores and services that cater to the needs of residents and visitors alike.
Somerset County has an unemployment rate of 6.3%. The US average is 6.0%.
Somerset County 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 23.7%, which is lower than the US average of 33.5%.
Tax Rates for Somerset County
- The Sales Tax Rate for Somerset County is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Somerset County 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 Somerset County
- The average income of a Somerset County resident is $48,646 a year. The US average is $28,555 a year.
- The Median household income of a Somerset County resident is $121,695 a year. The US average is $69,021 a year.