Smith Island, MD is a small rural island off the coast of Maryland's Eastern Shore. It has a cozy atmosphere with plenty of local businesses, including fishing companies, restaurants, bars, gift shops, and charter boat services. The cost of living in Smith Island is quite affordable compared to other areas in the US; 2 bedroom rental prices are around $940 while in the US they are $1,430 on average. Additionally, grocery costs on Smith Island are about 1% higher than the national median. Overall Smith Island provides a unique atmosphere with lower costs of living than many other areas.
Smith Island has an unemployment rate of 7.4%. The US average is 6.0%.
Smith Island has seen the job market decrease by -0.9% over the last year. Future job growth over the next ten years is predicted to be 25.4%, which is lower than the US average of 33.5%.
Tax Rates for Smith Island
- The Sales Tax Rate for Smith Island is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Smith Island is 7.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Smith Island
- The average income of a Smith Island resident is $19,064 a year. The US average is $28,555 a year.
- The Median household income of a Smith Island resident is $74,286 a year. The US average is $69,021 a year.