Newark, NJ (zip code 07107) is an attractive city to live in due to its excellent cultural scene and numerous job opportunities. Newark offers a two bedroom rent of $1,340 which is slightly lower than the nationwide average of $1,430. Additionally, the cost of groceries in Newark is higher than the national average as the Grocery Cost Index for Newark stands at 104 versus 100 in the US. In terms of employment opportunities, some local companies that are hiring include Prudential Financial, PSEG, Bank of America and Audible. With its vibrant culture and plentiful job openings, living in Newark can be quite an experience.
Newark (zip 07107) has an unemployment rate of 13.0%. The US average is 6.0%.
Newark (zip 07107) 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 18.1%, which is lower than the US average of 33.5%.
Tax Rates for Newark (zip 07107)
- The Sales Tax Rate for Newark (zip 07107) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark (zip 07107) is 5.5%. The US average is 4.6%.
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Income and Salaries for Newark (zip 07107)
- The average income of a Newark (zip 07107) resident is $21,155 a year. The US average is $37,638 a year.
- The Median household income of a Newark (zip 07107) resident is $39,375 a year. The US average is $69,021 a year.