Newark, VT is a rural town located in the Green Mountain State. Ranked among the best places to live due to its relatively low crime rate and access to recreational activities, Newark offers a laid-back lifestyle for those looking for a change of pace. The median 2 Bedroom rent in Newark is $950, which is much lower than the US average of $1,430. Grocery Cost Index in Newark is also slightly higher than the US average by 5 points (105 versus 100). Other costs include utilities at an average of $131 per month and transportation expenses of about $3.50 per gallon of gas. Many local companies make up the population of this small town such as J&S Custom Woodwork, Burlington Steel Company, Garden Artistry, Abbotts Dairy Farm, and more. With affordable housing prices and amenities like these nearby businesses, Newark is an ideal place to live for those looking for a more relaxed way of life.
Newark has an unemployment rate of 2.7%. The US average is 6.0%.
Newark has seen the job market increase by 1.0% 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 Newark
- The Sales Tax Rate for Newark is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Newark is 6.8%. 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 $22,340 a year. The US average is $28,555 a year.
- The Median household income of a Newark resident is $51,667 a year. The US average is $69,021 a year.