Newport, ME is a small town with great natural beauty located along the coast. It has a population of just over 4,000 people and is known for its quaint charm. The cost of living in Newport is lower than the national average; for example, a 2-bedroom apartment rents for around $970, compared to $1,430 nationally. Furthermore, grocery costs are 5% more expensive than the national average with an index of 105 versus 100 in the US.
The local economy consists mostly of service-based establishments such as restaurants and shops. Local businesses include McKays Public House which serves up traditional pub food, and Handy’s Market a family-owned grocery store that offers fresh seafood locally caught from Newport's waterfront. There are also numerous art galleries and museums around town that reflect the unique culture and history of Newport. Altogether, Newport has an affordable cost of living combined with a charming atmosphere that make it a great place to live or visit.
Newport has an unemployment rate of 5.3%. The US average is 6.0%.
Newport has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 26.6%, which is lower than the US average of 33.5%.
Tax Rates for Newport
- The Sales Tax Rate for Newport is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Newport 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 Newport
- The average income of a Newport resident is $24,361 a year. The US average is $28,555 a year.
- The Median household income of a Newport resident is $56,358 a year. The US average is $69,021 a year.