Overall, the data shows that Newark is well-positioned in some respects:
- Relatively high median household income despite a slight decline from 2010-2020.
- Reductions in poverty and cost-burdened household rates over the decade.
- Newark relies on its small businesses, with one of the largest rates of jobs at firms under 50
employees. Also, has a relatively low rate of jobs at firms larger than 500 employees.
However, Newark’s spatial arrangement presents challenges for business vacancy rates and rent
prices—the city experienced a sharp decline in vacancy rates from 2015-2021, accompanied by the
second-highest average rental price per square foot per year.
TNP is still compiling research on whether this is due to low-to-moderate income households being “priced
out” of the market. Census data shows that Newark’s:
- median household income in Newark is $69,500.
- In order to stay within the 30% non-burdensome range, households should spend about $1,700 on
monthly housing costs.
- This is within the average median monthly mortgage of $1,692, as well as the median gross monthly
rent for a one-bedroom is $1,282.
However, a more in-depth analysis of rental costs and availability is necessary and underway.