Rumford, ME is a small town located in Oxford County. The cost of living in Rumford is relatively low compared to other parts of Maine and the country as a whole. For example, the average 2 bedroom rent in Rumford is only $940 per month, whereas the US average 2 bedroom rent is $1430. Similarly, the grocery cost index for Rumford is 103 versus 100 for the US. This indicates that groceries are slightly more expensive in Rumford than they are on average across the US.
The area also has strong economic prospects with several big businesses operating out of Rumford including local banks such as KeyBank and TD Bank; auto dealerships like Caron Chevrolet Buick GMC Cadillac; and manufacturers such as Holtrachem Manufacturing Inc., Cianbro Corporation, and Sappi Fine paper North America. These companies provide jobs to many local residents and have helped propel economic growth in the area.
Rumford has an unemployment rate of 6.6%. The US average is 6.0%.
Rumford has seen the job market increase by 0.1% over the last year. Future job growth over the next ten years is predicted to be 31.1%, which is lower than the US average of 33.5%.
Tax Rates for Rumford
- The Sales Tax Rate for Rumford is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Rumford 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 Rumford
- The average income of a Rumford resident is $18,712 a year. The US average is $28,555 a year.
- The Median household income of a Rumford resident is $44,870 a year. The US average is $69,021 a year.