Newark, IL is a small town located in the state of Illinois. The cost of living is lower than most places in the area which makes it ideal for those on a budget. The average two bedroom rent is $1,170 which is significantly lower than the US average of $1,430. Not only that, but the Grocery Cost Index in Newark is 99 versus 100 in the US making it an even more attractive option for budget-minded individuals. Newark hosts a number of local companies that are part of its vibrant economy such as Home Town Market, Holcomb Construction, and Eagle Express Courier Service. With lower costs across the board but still offering plenty of business opportunities, Newark is a great choice for anyone looking for an affordable and comfortable place to live.
Newark has an unemployment rate of 5.8%. The US average is 6.0%.
Newark has seen the job market decrease by -9.5% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
Tax Rates for Newark
- The Sales Tax Rate for Newark is 8.5%. The US average is 7.3%.
- The Income Tax Rate for Newark is 5.0%. 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 $41,331 a year. The US average is $37,638 a year.
- The Median household income of a Newark resident is $106,667 a year. The US average is $69,021 a year.