Canaan, ME is a small town located in the state of Maine. It has an estimated population of around 500 people. This small town offers residents an affordable cost of living with 2 bedroom rent costing only $900 per month compared to the US average of $1,430. Additionally, grocery costs are 4% lower than the rest of the US, making it even more attractive to those on a budget. The local economy is supported by a handful of businesses including Canaan Hardware Store, Canaan Market & Deli and Lettie’s Cafe. There’s also a few small farms in the area that supply vegetables and fruits for local stores and restaurants.
Canaan has an unemployment rate of 7.1%. The US average is 6.0%.
Canaan has seen the job market decrease by -5.0% over the last year. Future job growth over the next ten years is predicted to be 23.9%, which is lower than the US average of 33.5%.
Tax Rates for Canaan
- The Sales Tax Rate for Canaan is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Canaan 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 Canaan
- The average income of a Canaan resident is $23,452 a year. The US average is $37,638 a year.
- The Median household income of a Canaan resident is $50,909 a year. The US average is $69,021 a year.