Upper Montclair, NJ is an affluent area located near New York City. The average two bedroom rental cost in Upper Montclair is $2,450 per month, which is much higher than the US average of $1,430. Additionally, groceries in Upper Montclair are more expensive than other areas of the US with a cost index of 112 versus 100 nationally. The high costs of living in Upper Montclair can be attributed to its many amenities and close proximity to major cities like New York. Many notable companies have offices in Upper Montclair such as Investors Bank and Bed Bath & Beyond Inc. Living in Upper Montclair affords residents access to upscale shopping centers, high-end restaurants, parks, and other attractions that make it an attractive place to live for those who can afford it.
Upper Montclair has an unemployment rate of 9.6%. The US average is 6.0%.
Upper 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 Upper Montclair
- The Sales Tax Rate for Upper Montclair is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Upper 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 Upper Montclair
- The average income of a Upper Montclair resident is $79,861 a year. The US average is $28,555 a year.
- The Median household income of a Upper Montclair resident is $235,637 a year. The US average is $69,021 a year.