Newark, MD is a small town in Maryland with many unique businesses and attractions. The cost of living in Newark is lower than the national average, with a two-bedroom rent being $960 compared to the US rate of $1,430. Grocery costs are also lower at 105 compared to 100 in the US. There are many local companies located in Newark such as Storck's Bakery and Erb's Produce Farm who sell delicious goods. Other businesses include Shaffer Automotive and Heffner’s Hardware Store which offer services that keep the local citizens well taken care of. Newark is a great place to live due to its low cost of living while still allowing access to all the necessary resources.
Newark has an unemployment rate of 9.9%. The US average is 6.0%.
Newark has seen the job market decrease by -0.6% over the last year. Future job growth over the next ten years is predicted to be 23.0%, which is lower than the US average of 33.5%.
Tax Rates for Newark
- The Sales Tax Rate for Newark is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Newark is 6.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newark
- The average income of a Newark resident is $23,030 a year. The US average is $28,555 a year.
- The Median household income of a Newark resident is $89,315 a year. The US average is $69,021 a year.