Newport, IN is a small town with a population of 47966. It has a relatively low cost of living, with the average 2 bedroom rent being $910 compared to the US average of $1,430. This means that groceries are also cheaper in Newport, with an index rating of 87 compared to 100 in the US. Because the cost of living is so low, there are several local companies and businesses that have taken advantage including Newport Business Solutions, Nationwide Insurance Agency and Newport Packing Company. These businesses provide many jobs for locals and help keep the economy vibrant.
Newport (zip 47966) has an unemployment rate of 5.7%. The US average is 6.0%.
Newport (zip 47966) has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 25.1%, which is lower than the US average of 33.5%.
Tax Rates for Newport (zip 47966)
- The Sales Tax Rate for Newport (zip 47966) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Newport (zip 47966) is 3.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newport (zip 47966)
- The average income of a Newport (zip 47966) resident is $20,991 a year. The US average is $28,555 a year.
- The Median household income of a Newport (zip 47966) resident is $48,125 a year. The US average is $69,021 a year.