Passaic, NJ 07055 is an economically diverse city located in Northeastern New Jersey. The average two-bedroom rent in Passaic is slightly higher than the national average, at $1,500. Furthermore, the grocery cost index for this area is 105 compared to the US national average of 100. Passaic offers a variety of local businesses to its residents. These include large chain stores such as Walmart and Target, but also smaller local chains like Empire Market and ShopRite. For those looking for more unique experiences, Passaic has many locally owned businesses to explore such as El Malecon Restaurant and Kupcakes & Co. With its diverse economy and plentiful shopping opportunities, Passaic is an attractive place to live.
Passaic (zip 07055) has an unemployment rate of 11.4%. The US average is 6.0%.
Passaic (zip 07055) has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 20.5%, which is lower than the US average of 33.5%.
Tax Rates for Passaic (zip 07055)
- The Sales Tax Rate for Passaic (zip 07055) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Passaic (zip 07055) 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 Passaic (zip 07055)
- The average income of a Passaic (zip 07055) resident is $15,182 a year. The US average is $28,555 a year.
- The Median household income of a Passaic (zip 07055) resident is $49,436 a year. The US average is $69,021 a year.