Cape May, NJ is a picturesque coastal community located in the southernmost tip of the state. It is home to many historic sites and attractions such as the Cape May Lighthouse and Nature Center, Historic Cold Spring Village and Sunset Beach. The city is also well known for its quaint downtown area filled with shops, restaurants, galleries and other amenities. Despite its idyllic setting, Cape May has experienced a steady rise in cost of living over recent years.
The 2 bedroom rent in Cape May is $1,490 compared to $1,430 in the US on average. This places an increasing burden on those attempting to make ends meet in this small coastal town. The grocery cost index in Cape May further complicates matters – it stands at 108 versus 100 in the US overall. This means that residents have to pay 8% more for their food items than people living across the country.
Many local companies benefit from this high cost of living including real estate agents who help newcomers find housing or apartment complexes who fill their units with wealthy tenants from out of town. Furthermore, businesses like restaurants have seen an influx of customers due to tourists who choose to vacation there despite its higher-than-average prices for goods and services. Ultimately, these factors contribute to an economy that is largely dependent on tourism rather than local resources which can be both beneficial and burdensome for its citizens.
Cape May has an unemployment rate of 12.5%. The US average is 6.0%.
Cape May 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 Cape May
- The Sales Tax Rate for Cape May is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Cape May 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 Cape May
- The average income of a Cape May resident is $35,502 a year. The US average is $28,555 a year.
- The Median household income of a Cape May resident is $71,875 a year. The US average is $69,021 a year.