Penobscot, ME is a small town with a variety of local businesses and attractions to explore. The cost of living in Penobscot is relatively low compared to the rest of the United States, especially when it comes to rent prices. The average 2 Bedroom rent in Penobscot is $1,020 which is significantly lower than the national rate of $1,430. Additionally, The Grocery Cost Index in Penobscot is 108 versus 100 in the US, making groceries less expensive than most other areas. Local businesses like Penobscot Marine Museum and Big Top Deli are popular among residents and visitors alike. All things considered, Penobscot has an overall low cost of living that makes it an attractive location for those wanting to move or visit.
Penobscot has an unemployment rate of 4.2%. The US average is 6.0%.
Penobscot has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 32.5%, which is lower than the US average of 33.5%.
Tax Rates for Penobscot
- The Sales Tax Rate for Penobscot is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Penobscot 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 Penobscot
- The average income of a Penobscot resident is $25,717 a year. The US average is $28,555 a year.
- The Median household income of a Penobscot resident is $47,000 a year. The US average is $69,021 a year.