01940 Lynnfield, MA is a charming suburb located in Essex County. It has a population of 11,596 and is known for its affluent neighborhoods and excellent school system. The two bedroom rent in the area is quite a bit higher than the US average at $2,990. However, thanks to Lynnfield’s proximity to Boston it offers residents an easy commute into the city. Shopping and entertainment are easy to come by as well, with several local grocery stores nearby such as Stop & Shop and Trader Joe's. The Grocery Cost Index in 01940 Lynnfield is 113 versus 100 in the US which means that people can expect slightly higher prices for items like groceries here than they would elsewhere in the country. There are also plenty of local businesses such as H&H Enterprises Locksmiths, Pizzeria Uno Express, and Dream Brick Builders Inc providing employment opportunities for residents.
Lynnfield (zip 01940) has an unemployment rate of 7.4%. The US average is 6.0%.
Lynnfield (zip 01940) has seen the job market increase by 4.0% over the last year. Future job growth over the next ten years is predicted to be 38.7%, which is higher than the US average of 33.5%.
Tax Rates for Lynnfield (zip 01940)
- The Sales Tax Rate for Lynnfield (zip 01940) is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Lynnfield (zip 01940) is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lynnfield (zip 01940)
- The average income of a Lynnfield (zip 01940) resident is $48,055 a year. The US average is $28,555 a year.
- The Median household income of a Lynnfield (zip 01940) resident is $144,116 a year. The US average is $69,021 a year.