Springfield Township (Union County), NJ is located in the northeastern part of New Jersey near Newark. This area has an abundance of resources for its residents including a number of large companies. Companies like Panasonic, Hoffmann-LaRoche, and Prudential Financial are all based in Springfield Township. It also has an active industrial sector with numerous warehouses and factories located in the area. Additionally, transportation is easily accessible with multiple bus routes throughout the township as well as train service to New York City and surrounding areas. Cost of living in Springfield Township is slightly higher than that of other parts of the state, with 2 bedroom rent costing $2,270 compared to the US average of $1,430. The grocery cost index is also higher at 107 versus 100 nationally. With these benefits and amenities available to its citizens, Springfield Township provides a great place to live that combines modern convenience with easy access to entertainment, jobs, and more.
Springfield township has an unemployment rate of 8.0%. The US average is 6.0%.
Springfield township 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 Springfield township
- The Sales Tax Rate for Springfield township is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Springfield township 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 Springfield township
- The average income of a Springfield township resident is $50,478 a year. The US average is $28,555 a year.
- The Median household income of a Springfield township resident is $137,390 a year. The US average is $69,021 a year.