Nantucket, MA is an upscale coastal town located off the coast of Massachusetts. It is known for its sandy beaches, quaint cobblestone streets, and rich history. The cost of living in Nantucket is much higher than average, with rent for a two bedroom running around $5,200 compared to the US average of $1,430. The grocery cost index in Nantucket is also significantly higher at 123 compared to 100 in the US. Despite its expensive lifestyle, many people still flock to this island paradise due to its captivating atmosphere and desirable location. Some local businesses include Nantucket Bookworks which has been the go-to book store on the island for over 40 years; Bartlett's Farm which offers locally grown produce and handcrafted goods; as well as The Juice Bar which specializes in freshly made smoothies with organic ingredients.
Nantucket has an unemployment rate of 14.8%. The US average is 6.0%.
Nantucket has seen the job market increase by 4.6% over the last year. Future job growth over the next ten years is predicted to be 38.5%, which is higher than the US average of 33.5%.
Tax Rates for Nantucket
- The Sales Tax Rate for Nantucket is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Nantucket is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Nantucket
- The average income of a Nantucket resident is $47,548 a year. The US average is $28,555 a year.
- The Median household income of a Nantucket resident is $116,571 a year. The US average is $69,021 a year.