Kaktovik, AK is a small town located in the North Slope Borough of Alaska. It has a population of 276 people. The town is known for its unique cultural heritage with Inupiat Eskimo as the native inhabitants. Rent in Kaktovik tends to be more expensive than other places in America; two bedrooms currently rent for around $1,790 while the US 2 Bedroom Rent average is $1,430. Grocery costs are also higher in Kaktovik with a Grocery Cost Index of 252 versus 100 in the US.
The local economy is highly dependent on oil and gas development as well as tourism. The town hosts many visitors during the summer months who come to enjoy whale watching and other outdoor activities. The city also has many small businesses such as the Polar Bear Inn, Native Art Gallery, Northern Lights Trading Post and more that contribute to its economic stability. In addition to these traditional sectors, there has been an emergence of renewable energy companies including Arctic Wind Power Company that offers wind energy services within the area. All these local businesses make Kaktovik a great place to live or visit.
Kaktovik has an unemployment rate of 6.6%. The US average is 6.0%.
Kaktovik has seen the job market decrease by -10.4% over the last year. Future job growth over the next ten years is predicted to be 2.4%, which is lower than the US average of 33.5%.
Tax Rates for Kaktovik
- The Sales Tax Rate for Kaktovik is 0.0%. The US average is 7.3%.
- The Income Tax Rate for Kaktovik is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Kaktovik
- The average income of a Kaktovik resident is $27,179 a year. The US average is $37,638 a year.
- The Median household income of a Kaktovik resident is $78,250 a year. The US average is $69,021 a year.