Needham, MA is known for its vibrant culture and thriving economy. With a variety of small businesses and larger companies based in this city, such as Roche Bros., Needham Bank, and Gann Academy, there is something for everyone to enjoy. Residents of Needham can also take full advantage of living in this area with its competitive costs of living. The average two bedroom rental rate is $2,420 per month which is significantly higher than the US average monthly rate at $1,430. Additionally, the grocery cost index in Needham is 117 compared to 100 in the US which indicates that groceries are slightly more expensive here than on average throughout the country.
Needham has an unemployment rate of 5.8%. The US average is 6.0%.
Needham has seen the job market increase by 4.3% over the last year. Future job growth over the next ten years is predicted to be 40.8%, which is higher than the US average of 33.5%.
Tax Rates for Needham
- The Sales Tax Rate for Needham is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Needham is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Needham
- The average income of a Needham resident is $62,497 a year. The US average is $28,555 a year.
- The Median household income of a Needham resident is $182,813 a year. The US average is $69,021 a year.