Homes for Rent in Newark, NJ: What You Need to Know
Newark is home to 285,154 people, the most populous city in New Jersey. It’s one of the country’s largest air, shipping, and rail hubs.
Job Opportunities in Newark
The city is the state’s premier business center. It’s where Port Newark, the largest port on the East Coast, is located. Prudential Financial Inc., a Fortune 500 company, and Panasonic Corp. of North America, a global leader in electronic technologies, are based in the city. Other major employers include Public Service Enterprise Group, Gateway Group One, PSEG Nuclear, Newark Public Schools, and New Jersey Institute of Technology.
Getting Around the City
Driving in Newark isn’t easy. You have to contend with congested highways and limited parking. The good news is, the city has a reliable public transportation system. NJ TRANSIT provides convenient and cost-effective transportation service to an area of 5,325 square miles. The agency operates a fleet of 2,221 buses, 1,231 trains, and 93 light rail vehicles that connect major points in New Jersey, New York, and Philadelphia. Newark Liberty International Airport serves about 45 million passengers annually.
The Cost of Living in Newark
Newark, like nearby New York City, is an expensive place to live. The city’s cost of living, housing, food, and transportation costs are 27%, 14.8%, 4.2%, and 4.7% higher than the national average, respectively. The median gross rent in the city is $1,055; median rent for a two-bedroom apartment in the Newark-Elizabeth area is $1,830. New Jersey’s progressive income tax rate of 1.40% to 10.75% is among the highest in the United States. The state levies a rate of 3.3125% to 6.625% in sales tax.
Know Your Neighborhoods
The majority of those who live in Newark proper are renters. Downtown and Ironbound residents praise their neighborhoods for their amenities and diversity. You’ll find ample high-rise apartments downtown, studios and lofts in North Ironbound, and apartment complexes in South Ironbound. Longing for a suburban home? Upper Montclair and Ridgewood are within commuting distance to Newark, and they are both known for their excellent schools and family-friendly environment.
Shopping in Town
There’s a special store for every type of shopper in Newark. Downtown shops will delight the most discerning shoppers with locally made products, high-end clothing, and one-of-a-kind items. Ironbound District shops are teeming with imported housewares and food and wines from Europe and Latin America. For lovers of name-brand stores, The Mills at Jersey Gardens in Elizabeth, only six miles away, won’t disappoint with more than 200 stores. It’s the largest outlet mall in New Jersey.