Summit, NJ is a vibrant community that offers a high quality of life for those who call it home. The rent for a two bedroom apartment is approximately $2,200, which is significantly higher than the average rent for two bedroom apartments in the US ($1,430). Grocery costs are also higher in Summit than the national average; the Grocery Cost Index is 113 compared with 100 in the US. People who live in Summit benefit from its location near New York City and from its diverse businesses. Large companies such as Merck & Co., Pfizer, and BASF are based here, as well as smaller local businesses. All of these amenities come at a cost - Summit has a higher cost of living than other areas - but many people find that it is worth the expense to enjoy all that Summit has to offer.
Summit has an unemployment rate of 8.0%. The US average is 6.0%.
Summit has seen the job market decrease by -0.7% over the last year. Future job growth over the next ten years is predicted to be 22.3%, which is lower than the US average of 33.5%.
Tax Rates for Summit
- The Sales Tax Rate for Summit is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Summit 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 Summit
- The average income of a Summit resident is $77,020 a year. The US average is $28,555 a year.
- The Median household income of a Summit resident is $151,505 a year. The US average is $69,021 a year.