Newport, Tennessee is a small city located in Cocke County. It is known as the home of the Newport-Mason Railroad Bridge, an important bridge for shipping that was built in 1893. The city has a population of 7,100 people and offers affordable living to its residents with two bedroom rent being only $750 compared to the national average of $1,430. Additionally, grocery costs are much lower than the rest of the country with a Grocery Cost Index of 94 versus 100 in the US. This makes Newport an attractive place for those looking to save money on a budget.
For employment opportunities there are several local companies including Davy Crockett Lumber Co., Newport Boiler & Tank Co., Inc., South State Bank and American Electric Power. There are also numerous mom and pop shops downtown as well as a few larger chain stores such as Walmart and Dollar General.
Newport has an unemployment rate of 6.8%. The US average is 6.0%.
Newport has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 33.7%, which is higher than the US average of 33.5%.
Tax Rates for Newport
- The Sales Tax Rate for Newport is 9.8%. The US average is 7.3%.
- The Income Tax Rate for Newport is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newport
- The average income of a Newport resident is $19,031 a year. The US average is $28,555 a year.
- The Median household income of a Newport resident is $33,736 a year. The US average is $69,021 a year.