Summit, NJ, 07901 is a city located in Union County, New Jersey. It is known for being a quaint college town and has a population of approximately 21,000 people. The average 2 bedroom rent in Summit is $2,290 which is higher than the US average of $1,430. Grocery cost index in Summit is 113 versus 100 in the US. There are many local businesses that call Summit home such as Bed Bath & Beyond, Fresh Direct Grocery Delivery Service, Panera Bread and more. The downtown district features an array of shops and restaurants to explore and enjoy so there's something for everyone!
Summit (zip 07901) has an unemployment rate of 8.0%. The US average is 6.0%.
Summit (zip 07901) 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 22.3%, which is lower than the US average of 33.5%.
Tax Rates for Summit (zip 07901)
- The Sales Tax Rate for Summit (zip 07901) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Summit (zip 07901) 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 Summit (zip 07901)
- The average income of a Summit (zip 07901) resident is $93,646 a year. The US average is $37,638 a year.
- The Median household income of a Summit (zip 07901) resident is $148,945 a year. The US average is $69,021 a year.