Basking Ridge, NJ 07920 is a rural community located in Somerset County. It is home to more than 26,000 people and boasts a low cost of living with the average two-bedroom rent being around $2,550. This is more than $1,100 lower than the national average two-bedroom rent of $1,430. In addition to rental costs, groceries are also relatively inexpensive at 110 on the Grocery Cost Index compared to the national average of 100. The town is a great place for working professionals due to its close proximity to New York City and New Jersey's major cities such as Newark and Jersey City. Local companies include AT&T Mobility, Stryker Orthopedics and Bausch Health Companies Inc., all of which offer great job opportunities for those living in the area. Other cost of living factors that should be taken into account when considering Basking Ridge include sales tax (7%), transportation costs (gasoline prices are higher than the US average) and utilities (utilities costs are also slightly higher).
Basking Ridge (zip 07920) has an unemployment rate of 5.0%. The US average is 6.0%.
Basking Ridge (zip 07920) 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 24.4%, which is lower than the US average of 33.5%.
Tax Rates for Basking Ridge (zip 07920)
- The Sales Tax Rate for Basking Ridge (zip 07920) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Basking Ridge (zip 07920) 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 Basking Ridge (zip 07920)
- The average income of a Basking Ridge (zip 07920) resident is $67,406 a year. The US average is $28,555 a year.
- The Median household income of a Basking Ridge (zip 07920) resident is $160,180 a year. The US average is $69,021 a year.