Newark, NJ (zip code 07108) is a great place to live, with average 2 bedroom rent of $1,560 compared to the US average of $1,430. Living in Newark is also economical as it offers an index cost of living that is 3% higher than the US Average. There are a large number of local companies within Newark such as Prudential Financial, Panasonic Corporation and Audible Inc – Amazon’s audiobook subsidiary. The city also supports small business and entrepreneurs with its many incubators such as The HIVE at Rutgers-Newark Business School and Coop Urban Incubator.
Newark (zip 07108) has an unemployment rate of 13.0%. The US average is 6.0%.
Newark (zip 07108) 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 07108)
- The Sales Tax Rate for Newark (zip 07108) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 07108) 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 07108)
- The average income of a Newark (zip 07108) resident is $15,469 a year. The US average is $28,555 a year.
- The Median household income of a Newark (zip 07108) resident is $29,657 a year. The US average is $69,021 a year.