Maine is a state on the East Coast of the United States known for its rugged coastal scenery and numerous outdoor activities. Its many local companies include L.L. Bean, Marden's Surplus & Salvage Store, Hannaford Supermarkets, Idexx Laboratories, and WEX Inc. The economy of Maine is largely driven by industries such as agriculture, fishing, forestry and manufacturing. Additionally, its tourist industry is a significant contributor to the state’s economic growth due to its scenic coastlines and abundance of recreation opportunities. In terms of housing costs, rent averages around $1,250 per month for a two-bedroom in Maine compared to $1,430 in the U.S., while grocery cost index in Maine is 107 versus 100 in the nation which makes it a more affordable place to live overall.
Maine has an unemployment rate of 5.4%. The US average is 6.0%.
Maine has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 33.7%, which is higher than the US average of 33.5%.
Tax Rates for Maine
- The Sales Tax Rate for Maine is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Maine is 7.2%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Maine
- The average income of a Maine resident is $27,332 a year. The US average is $28,555 a year.
- The Median household income of a Maine resident is $63,182 a year. The US average is $69,021 a year.