Damariscotta, ME is a charming town situated on the Midcoast of Maine. This small community offers an array of attractions including the Damariscotta Riverwalk and Round Top Ice Cream. There are several local businesses operating in the area such as Townline Lobster, the Midcoast Music Academy, and Main Street Hardware. The cost of living in Damariscotta is favorable compared to other regions across the country; for example, 2 bedroom rent is $1,160 which is much lower than the US average of $1,430. Additionally, grocery costs in Damariscotta have a Grocery Cost Index of 111 compared to 100 nationwide.
Damariscotta has an unemployment rate of 7.5%. The US average is 6.0%.
Damariscotta has seen the job market increase by 0.5% over the last year. Future job growth over the next ten years is predicted to be 33.0%, which is lower than the US average of 33.5%.
Tax Rates for Damariscotta
- The Sales Tax Rate for Damariscotta is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Damariscotta 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 Damariscotta
- The average income of a Damariscotta resident is $27,166 a year. The US average is $28,555 a year.
- The Median household income of a Damariscotta resident is $51,033 a year. The US average is $69,021 a year.