Point Hope, AK is a small city located in Northwest Arctic Borough with an estimated population of 554 people. Despite its small size, Point Hope offers a variety of amenities attractive to families looking for more affordable housing options than those typically found in larger cities. Local businesses include Point Hope Whaling Inc., Native Village of Point Hope, and North Slope Borough School District. Compared to the US national average, rentals are slightly higher with a 2 bedroom costing $1,810 versus $1,430 nationally. Similarly, the Grocery Cost Index is 249 compared to 100 in the US. All in all, Point Hope offers residents more affordable living costs than other larger cities making it an attractive option for those on a budget.
Point Hope has an unemployment rate of 6.6%. The US average is 6.0%.
Point Hope has seen the job market decrease by -3.5% over the last year. Future job growth over the next ten years is predicted to be 1.8%, which is lower than the US average of 33.5%.
Tax Rates for Point Hope
- The Sales Tax Rate for Point Hope is 3.0%. The US average is 7.3%.
- The Income Tax Rate for Point Hope 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 Point Hope
- The average income of a Point Hope resident is $19,497 a year. The US average is $28,555 a year.
- The Median household income of a Point Hope resident is $62,321 a year. The US average is $69,021 a year.