Salem, NJ is an ideal location for those looking to rent a 2 bedroom apartment without breaking the bank. Renters in Salem, NJ can expect to pay an average of $1,310 per month for a two-bedroom rental — significantly lower than the US average of $1,430. Additionally, grocery costs are also lower in Salem with an index score of 99 compared to 100 nationally.
The city is home to a diverse range of businesses ranging from the family owned Pettineri’s Italian Restaurant and John’s Hardware Store to larger companies such as Wawa and RS Automotive Repair. There are plenty of opportunities for employment in Salem so renters need not worry about finding work when relocating there.
Salem has an unemployment rate of 8.5%. The US average is 6.0%.
Salem has seen the job market decrease by 0.0% over the last year. Future job growth over the next ten years is predicted to be 16.8%, which is lower than the US average of 33.5%.
Tax Rates for Salem
- The Sales Tax Rate for Salem is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Salem 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 Salem
- The average income of a Salem resident is $18,659 a year. The US average is $28,555 a year.
- The Median household income of a Salem resident is $26,667 a year. The US average is $69,021 a year.