Newark, NJ is a city located in Essex County and is the most populous city in New Jersey. The 2 bedroom rent in Newark is $1,390 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Newark is higher than the US with 104 versus 100 respectively.
The main employers include Audible Inc., Prudential Financial, Public Service Enterprise Group (PSEG), Panasonic Corporation of North America and IDT Corporation. These companies provide employment opportunities to many local residents and contribute to the economic growth of Newark. Other popular businesses in this area are Ironbound Studios, Riverfront Park, PSE&G Children’s Specialized Hospital and St. James Music Academy. In addition to these businesses and corporations, there are a variety of restaurants and stores available for residents to explore as well as various entertainment venues such as theaters and museums.
Newark has an unemployment rate of 13.0%. The US average is 6.0%.
Newark 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 18.1%, which is lower than the US average of 33.5%.
Tax Rates for Newark
- The Sales Tax Rate for Newark is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark 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 Newark
- The average income of a Newark resident is $16,828 a year. The US average is $28,555 a year.
- The Median household income of a Newark resident is $41,335 a year. The US average is $69,021 a year.