Newton, MA is a great place to live with plenty of local businesses. Housing costs are higher than the national average, with an average two bedroom rental in Newton, MA costing $3,280. That's 131% higher than the US average of $1,430. Grocery costs are also more expensive in Newton compared to the national average; as reflected by it's 118 Grocery Cost Index versus the US index of 100. The city is well known for its bustling business district which includes major companies such as Boston Scientific, Fidelity Investments and TripAdvisor. In addition to these larger employers, there are also many smaller businesses that give Newton its unique charm. Although costs may be higher in comparison to other cities around the country, residents of Newton enjoy a high quality of life with access to top-notch schools and vibrant culture while still being just outside of Boston.
Newton has an unemployment rate of 4.1%. The US average is 6.0%.
Newton has seen the job market increase by 4.3% over the last year. Future job growth over the next ten years is predicted to be 42.0%, which is higher than the US average of 33.5%.
Tax Rates for Newton
- The Sales Tax Rate for Newton is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Newton is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newton
- The average income of a Newton resident is $64,475 a year. The US average is $28,555 a year.
- The Median household income of a Newton resident is $164,607 a year. The US average is $69,021 a year.