08873 Somerset, NJ is an ideal place to live with a reasonable cost of living. The average rent here for a two-bedroom apartment is around $2,100, which is much lower than the US average of $1,430. Additionally, the Grocery Cost Index in this area is 105 versus 100 in the US, making it slightly more expensive to purchase groceries here than other parts of the country.
The city contains various local businesses that contribute to its economy. These include convenience stores like 7-Eleven, restaurants such as Burger King and Applebee's, and entertainment venues like Regal Cinemas. There are also numerous parks and recreational areas available in Somerset for outdoor activities. All these amenities make 08873 Somerset an attractive place to live for those who want to enjoy all that life has to offer without breaking the bank.
Somerset (zip 08873) has an unemployment rate of 6.8%. The US average is 6.0%.
Somerset (zip 08873) 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 23.7%, which is lower than the US average of 33.5%.
Tax Rates for Somerset (zip 08873)
- The Sales Tax Rate for Somerset (zip 08873) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Somerset (zip 08873) 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 Somerset (zip 08873)
- The average income of a Somerset (zip 08873) resident is $38,784 a year. The US average is $28,555 a year.
- The Median household income of a Somerset (zip 08873) resident is $98,251 a year. The US average is $69,021 a year.