Newark, NJ (07105) is an attractive city to live in for many reasons. It has some of the most affordable two-bedroom rental rates in the country at $1,350 compared to the US average of $1,430. This affordability extends to food and groceries as well. The Grocery Cost Index in Newark is 106 compared to 100 in the US.
The city of Newark is home to many large corporations, such as Prudential Financial, Panasonic Corporation of North America, Audible Inc., and Public Service Enterprise Group Incorporated. There are also countless small businesses that give Newark a unique charm and character.
Overall, Newark offers an attractive cost of living with its relatively low two-bedroom rental rates and grocery costs index compared to other cities in the US. This makes it a great place for those looking for a more affordable urban lifestyle without sacrificing career opportunities or cultural experiences.
Newark (zip 07105) has an unemployment rate of 13.0%. The US average is 6.0%.
Newark (zip 07105) 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 07105)
- The Sales Tax Rate for Newark (zip 07105) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 07105) 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 07105)
- The average income of a Newark (zip 07105) resident is $18,877 a year. The US average is $28,555 a year.
- The Median household income of a Newark (zip 07105) resident is $48,863 a year. The US average is $69,021 a year.