Newark, DE is a vibrant city with many opportunities for growth and development. It has a diverse population and an array of local companies offering employment and other services. The cost of living in Newark is slightly higher than the national average. For example, 2 bedroom apartment rent in Newark averages $1,490 compared to $1,430 nationally. Additionally, grocery costs are about 6% higher than the national index with an index of 106 versus 100 in the US. Despite the slightly higher prices, Newark offers many local companies such as Christiana Care Health System, University of Delaware and Amazon Fulfillment which provide ample job opportunities for residents.
Newark has an unemployment rate of 5.6%. The US average is 6.0%.
Newark has seen the job market increase by 2.7% over the last year. Future job growth over the next ten years is predicted to be 30.4%, which is lower than the US average of 33.5%.
Tax Rates for Newark
- The Sales Tax Rate for Newark is 0.0%. The US average is 7.3%.
- The Income Tax Rate for Newark is 6.6%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newark
- The average income of a Newark resident is $23,675 a year. The US average is $28,555 a year.
- The Median household income of a Newark resident is $61,646 a year. The US average is $69,021 a year.