Newark, NJ (07103) is a vibrant city situated in Essex County. It is the most populous city in the state of New Jersey with an estimated population of 285,154. The city has a booming economy and is home to some of the largest companies such as Panasonic Corporation of North America, Audible Inc., Prudential Financial, and IDT Corp. \nThe average 2-bedroom rent in 07103 Newark is $1,380 which may seem high compared to other cities but is much lower than the US average 2-bedroom rent of $1,430. Additionally, the Grocery Cost Index for Newark (07103) stands at 103 which means that it costs 3% more than the US average grocery cost index of 100.
Newark (zip 07103) has an unemployment rate of 13.0%. The US average is 6.0%.
Newark (zip 07103) 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 18.1%, which is lower than the US average of 33.5%.
Tax Rates for Newark (zip 07103)
- The Sales Tax Rate for Newark (zip 07103) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 07103) 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 Newark (zip 07103)
- The average income of a Newark (zip 07103) resident is $19,086 a year. The US average is $37,638 a year.
- The Median household income of a Newark (zip 07103) resident is $35,043 a year. The US average is $69,021 a year.