Somerset, NJ is a vibrant city located in the central portion of New Jersey. It is known for its wide array of amenities and attractions that draw both locals and tourists to this bustling town. The cost of living in Somerset is slightly higher than the United States average, with an average 2 bedroom rent of $2,100 compared to the US average of $1,430, and a Grocery Cost Index of 105 compared to 100 in the US. Despite these somewhat higher costs, many flock to Somerset for its job opportunities and other offerings. With many large companies such as Johnson & Johnson, Shoprite Supermarkets, FedEx Ground Hubs and AT&T located nearby, there are plenty of career options for those looking for work.
Somerset has an unemployment rate of 6.3%. The US average is 6.0%.
Somerset 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 23.7%, which is lower than the US average of 33.5%.
Tax Rates for Somerset
- The Sales Tax Rate for Somerset is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Somerset 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 Somerset
- The average income of a Somerset resident is $40,623 a year. The US average is $28,555 a year.
- The Median household income of a Somerset resident is $101,627 a year. The US average is $69,021 a year.