Newark, AR is a great place to live with affordable rental costs. According to data, the average 2 bedroom rent in Newark is $710 versus the US average of $1,430. This makes living in Newark a much more affordable option for those looking to stretch their budgets. The cost of living in Newark is also low with a grocery cost index of 92 compared to the average US rate of 100.
The city of Newark also boasts some great businesses that help power its local economy. Companies like Wal-Mart, Tyson Foods, and Baxter Laboratories have been long time employers for many residents and are major contributors to Newark's economic growth. These companies not only provide jobs but also bring revenue into the city through taxes on products sold or services rendered. All these factors make Newark an attractive place to live that has a lot more to offer than just cheap rent.
Newark (zip 72562) has an unemployment rate of 4.5%. The US average is 6.0%.
Newark (zip 72562) has seen the job market decrease by -1.3% over the last year. Future job growth over the next ten years is predicted to be 35.2%, which is higher than the US average of 33.5%.
Tax Rates for Newark (zip 72562)
- The Sales Tax Rate for Newark (zip 72562) is 8.3%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 72562) is 6.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newark (zip 72562)
- The average income of a Newark (zip 72562) resident is $22,541 a year. The US average is $37,638 a year.
- The Median household income of a Newark (zip 72562) resident is $36,006 a year. The US average is $69,021 a year.