The 20740 area code of College Park, MD is a vibrant community with plenty to offer its residents. Local companies such as Whole Foods, Target, and Ikea are accessible in the area. The median 2 bedroom rent for the 20740 zip code is $1,670 compared to the average U.S. rent of $1,430 – this is an indication that living costs may be higher than the national average. Additionally, there is a grocery cost index score of 108 here in College Park versus 100 in the nation overall; indicating that groceries may also be more expensive than one would expect in other places.
College Park (zip 20740) has an unemployment rate of 6.8%. The US average is 6.0%.
College Park (zip 20740) has seen the job market decrease by -6.5% over the last year. Future job growth over the next ten years is predicted to be 33.1%, which is lower than the US average of 33.5%.
Tax Rates for College Park (zip 20740)
- The Sales Tax Rate for College Park (zip 20740) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for College Park (zip 20740) is 8.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for College Park (zip 20740)
- The average income of a College Park (zip 20740) resident is $30,796 a year. The US average is $37,638 a year.
- The Median household income of a College Park (zip 20740) resident is $70,515 a year. The US average is $69,021 a year.