New London, OH is a great town for budget-minded people. It has a lower than average cost of living when compared to the U.S., with 2 bedroom rent averaging $850 per month – over $500 less than the national average rent. Grocery costs are also lower, with an index score of 95 versus 100 in the US. This makes it an ideal place to settle down and raise a family. The city also offers plenty of job opportunities at local businesses like New London Manufacturing, Cedar Point Amusement Park, and Gorman-Rupp Industries. These companies provide good salaries and benefits to their employees while maintaining a friendly atmosphere in the community.
New London has an unemployment rate of 6.1%. The US average is 6.0%.
New London has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 24.2%, which is lower than the US average of 33.5%.
Tax Rates for New London
- The Sales Tax Rate for New London is 7.3%. The US average is 7.3%.
- The Income Tax Rate for New London is 4.7%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for New London
- The average income of a New London resident is $17,626 a year. The US average is $28,555 a year.
- The Median household income of a New London resident is $38,158 a year. The US average is $69,021 a year.