Newark, NJ is a vibrant city located in Essex County with a population of over 285,000. The rent for a two-bedroom apartment in Newark is $1,440 which is slightly more expensive than the US average of $1,430, but there are plenty of local companies such as Prudential Financial, IDT Corp., PSEG and East Coast Logistics that offer competitive salaries to offset the higher rents. The grocery cost index in Newark is 104 so it is more costly than the U.S. national average of 100 but most people find that the amenities offered make up for any differences in cost. Overall, Newark offers an interesting and diverse lifestyle with plenty of opportunities for work and recreation at a relative cost ranging from slightly more to equal the national average.
Newark (zip 07112) has an unemployment rate of 13.0%. The US average is 6.0%.
Newark (zip 07112) 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 18.1%, which is lower than the US average of 33.5%.
Tax Rates for Newark (zip 07112)
- The Sales Tax Rate for Newark (zip 07112) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 07112) 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 Newark (zip 07112)
- The average income of a Newark (zip 07112) resident is $18,835 a year. The US average is $28,555 a year.
- The Median household income of a Newark (zip 07112) resident is $45,540 a year. The US average is $69,021 a year.