Parsippany, NJ (07054) is a great place to live and work. The median rent for a 2 bedroom apartment is $1,860 which is substantially higher than the US average of $1,430. Additionally, Parsippany has an overall Grocery Cost Index of 107 compared to the US average of 100. This shows that Parsippany is relatively more expensive when it comes to groceries.
Parsippany serves as the home base for many large companies such as Bayer U.S., Wyndham Hotels & Resorts, ADP and Novartis Pharmaceuticals. It also has great shopping and dining options with notable places like Willowbrook Mall and two popular Italian restaurants: Saray Restaurant and Fresco’s Trattoria-Osteria.
Parsippany (zip 07054) has an unemployment rate of 5.9%. The US average is 6.0%.
Parsippany (zip 07054) 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 22.4%, which is lower than the US average of 33.5%.
Tax Rates for Parsippany (zip 07054)
- The Sales Tax Rate for Parsippany (zip 07054) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Parsippany (zip 07054) 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 Parsippany (zip 07054)
- The average income of a Parsippany (zip 07054) resident is $51,188 a year. The US average is $37,638 a year.
- The Median household income of a Parsippany (zip 07054) resident is $100,778 a year. The US average is $69,021 a year.