Silver Lake (Essex Cnty), NJ is a great place to live for those who enjoy rural living with easy access to urban amenities. It's home to large companies such as Rutgers University, Prudential Financial, and Panasonic Corporation of North America. The local economy is centered around education, finance, and manufacturing, providing plenty of employment opportunity for locals. While rent is higher here than the national average, grocery costs are lower due to its rural location. There are lots of outdoor recreational activities in Silver Lake which provide an excellent quality of life and make it an attractive place to live.
Silver Lake (Essex County) has an unemployment rate of 9.6%. The US average is 6.0%.
Silver Lake (Essex County) has seen the job market decrease by -7.3% over the last year. Future job growth over the next ten years is predicted to be 20.9%, which is lower than the US average of 33.5%.
Tax Rates for Silver Lake (Essex County)
- The Sales Tax Rate for Silver Lake (Essex County) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Silver Lake (Essex County) 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 Silver Lake (Essex County)
- The average income of a Silver Lake (Essex County) resident is $22,913 a year. The US average is $37,638 a year.
- The Median household income of a Silver Lake (Essex County) resident is $55,690 a year. The US average is $69,021 a year.