Millburn, NJ (zipcode 07041) is an affluent community located in Essex County with a population of 20,849 as of 2019. This area has an affordable rental market with 2 bedrooms averaging at $2,000 per month versus the US average of $1,430. The cost of groceries and other essentials are slightly higher than average due to the high-end local shopping options such as Kings Food Markets and ShopRite Supermarkets. Aside from shopping establishments, Millburn residents have access to a wide range of services including schools, banks and medical offices. The town also boasts several well known corporate headquarters like Investors Bank and Ambulatory Surgical Centers. In conclusion, Millburn is an expensive place to live but offers its residents great convenience with a multitude of services nearby.
Millburn (zip 07041) has an unemployment rate of 9.6%. The US average is 6.0%.
Millburn (zip 07041) has seen the job market decrease by -7.3% over the last year. Future job growth over the next ten years is predicted to be 20.9%, which is lower than the US average of 33.5%.
Tax Rates for Millburn (zip 07041)
- The Sales Tax Rate for Millburn (zip 07041) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Millburn (zip 07041) is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Millburn (zip 07041)
- The average income of a Millburn (zip 07041) resident is $88,465 a year. The US average is $37,638 a year.
- The Median household income of a Millburn (zip 07041) resident is $180,000 a year. The US average is $69,021 a year.