Montclair, NJ is a vibrant city with plenty to offer. It has a rich cultural heritage and a wide array of businesses, ranging from tech companies to restaurants and shops. The cost of living in Montclair is significantly higher than the US average. For example, 2 bedroom rent in Montclair is $2,290 compared to the US average of $1,430 and the Grocery Cost Index in Montclair stands at 110 versus 100 in the US. Some popular local companies include Montclair Brewery, Montclair Art Museum, and Currie's Music Store. Despite its higher cost of living, Montclair remains an attractive destination for those looking for business opportunities or just a great place to live.
Montclair has an unemployment rate of 9.6%. The US average is 6.0%.
Montclair 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 20.9%, which is lower than the US average of 33.5%.
Tax Rates for Montclair
- The Sales Tax Rate for Montclair is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Montclair 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 Montclair
- The average income of a Montclair resident is $60,427 a year. The US average is $28,555 a year.
- The Median household income of a Montclair resident is $149,982 a year. The US average is $69,021 a year.