Milltown, NJ is a bustling town with lots of opportunities for residents. The median 2 bedroom rent in Milltown is $2,010 - slightly higher than the US average of $1,430. This cost of living is offset by the local economy which includes a variety of jobs with the top employers being Robert Wood Johnson University Hospital, Rutgers University and Carrier Clinic. These three organizations alone employ thousands of local staff and provide an economic backbone to Milltown. In addition to this there are also many other companies active in the area such as TD Bank and Otsuka Pharmaceuticals.
In addition to the abundant job opportunities in Milltown, residents can also enjoy a variety of grocery stores such as ShopRite, Wegmans, Aldi and Target. The Grocery Cost Index in Milltown is 105 versus 100 in the US meaning that groceries are slightly more expensive compared to the national average but still relatively affordable. All these factors make Milltown an attractive place to live for people looking for employment or those who just want to enjoy all that this vibrant city has to offer!
Milltown has an unemployment rate of 6.9%. The US average is 6.0%.
Milltown has seen the job market decrease by -0.1% over the last year. Future job growth over the next ten years is predicted to be 27.2%, which is lower than the US average of 33.5%.
Tax Rates for Milltown
- The Sales Tax Rate for Milltown is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Milltown 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 Milltown
- The average income of a Milltown resident is $41,467 a year. The US average is $28,555 a year.
- The Median household income of a Milltown resident is $106,450 a year. The US average is $69,021 a year.