Newark, NJ is an exciting city with a diverse population. It is located in zip code 07104 and has a thriving economy. The 2 bedroom rent in Newark is $1,400, which is slightly lower than the national average of $1,430. Additionally, the Grocery Cost Index in Newark stands at 104 versus 100 for the US as a whole. This suggests that the cost of living in Newark is slightly higher than in other parts of the country.
The economic landscape of Newark includes many leading businesses such as Prudential Financial, Horizon Blue Cross Blue Shield of New Jersey, Public Service Enterprise Group Incorporated (PSEG), and Panasonic Corporation. These companies provide employment to thousands of residents in the city and make a significant contribution to its economy.
All things considered, Newark is an attractive destination for those looking to live and work within commuting distance to Manhattan while having access to affordable housing and good job opportunities. With its low rent prices relative to surrounding cities and its wealth of corporate employers, Newark provides an affordable option for those seeking a high quality of life despite limited financial resources.
Newark (zip 07104) has an unemployment rate of 13.0%. The US average is 6.0%.
Newark (zip 07104) has seen the job market decrease by -0.7% 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 07104)
- The Sales Tax Rate for Newark (zip 07104) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 07104) 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 07104)
- The average income of a Newark (zip 07104) resident is $17,064 a year. The US average is $28,555 a year.
- The Median household income of a Newark (zip 07104) resident is $45,070 a year. The US average is $69,021 a year.