Ocean City, NJ is a popular coastal town in New Jersey. It is known for its boardwalk, beachfront amusement park, and other family-friendly activities. The cost of living in Ocean City is higher than the US average, with 2 Bedroom Rent averaging at $1,680 compared to the US average of $1,430. Grocery Cost Index in Ocean City is also higher than the national average of 100, coming in at 114. Despite this higher cost of living, many people are drawn to this city for its attractions and amenities. Popular local companies include Impact Fire Services Inc., Johnsons HomePort Marina LLC, and Ocean City Development Corporation.
Ocean City has an unemployment rate of 12.5%. The US average is 6.0%.
Ocean City has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 19.1%, which is lower than the US average of 33.5%.
Tax Rates for Ocean City
- The Sales Tax Rate for Ocean City is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Ocean City 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 Ocean City
- The average income of a Ocean City resident is $43,033 a year. The US average is $28,555 a year.
- The Median household income of a Ocean City resident is $88,414 a year. The US average is $69,021 a year.