The New York-Newark-Jersey City, NY Metro Area is an exciting and vibrant area. The 2 bedroom rent costs nearly $2,170 which is considerably higher than the US 2 bedroom rent of $1,430. Additionally, the grocery cost index in this area is 110 versus 100 in the US. This shows that goods are more expensive in New York-Newark-Jersey City than elsewhere in the US. It’s no surprise that this area is home to many large businesses such as JPMorgan Chase & Co., Verizon Communications Inc., and Johnson & Johnson. There are also a variety of smaller companies such as Brooklyn Brewery, Gotham Bikes, and Awkward Family Photos LLC that make up the fabric of this bustling metropolis.
New York-Newark-Jersey City Metro Area has an unemployment rate of 8.8%. The US average is 6.0%.
New York-Newark-Jersey City Metro Area has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 27.9%, which is lower than the US average of 33.5%.
Tax Rates for New York-Newark-Jersey City Metro Area
- The Sales Tax Rate for New York-Newark-Jersey City Metro Area is 8.0%. The US average is 7.3%.
- The Income Tax Rate for New York-Newark-Jersey City Metro Area is 10.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for New York-Newark-Jersey City Metro Area
- The average income of a New York-Newark-Jersey City Metro Area resident is $36,078 a year. The US average is $28,555 a year.
- The Median household income of a New York-Newark-Jersey City Metro Area resident is $86,445 a year. The US average is $69,021 a year.