Shiprock, NM is a small town in western New Mexico. It's located near the famous Shiprock geological feature and is known for its rich cultural history. The cost of living in Shiprock, NM is quite affordable compared to other towns in the area. Rent for a two bedroom apartment averages around $790, which is much lower than the national average of $1,430. Groceries are also relatively inexpensive, with a grocery index of 90 versus 100 for the US as a whole. Local companies that contribute to the economy include Navajo Nation Oil and Gas Company, which produces oil and gas from local wells; DNA Auto Sales & Service; and NAPI Farms, which grows crops for sale in both local markets and on the larger regional market. With its low cost of living and diverse local businesses, Shiprock is an attractive option for anyone looking to live affordably while still having access to all necessary amenities.
Shiprock has an unemployment rate of 9.7%. The US average is 6.0%.
Shiprock has seen the job market increase by 2.5% over the last year. Future job growth over the next ten years is predicted to be 18.2%, which is lower than the US average of 33.5%.
Tax Rates for Shiprock
- The Sales Tax Rate for Shiprock is 8.3%. The US average is 7.3%.
- The Income Tax Rate for Shiprock is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Shiprock
- The average income of a Shiprock resident is $13,307 a year. The US average is $28,555 a year.
- The Median household income of a Shiprock resident is $37,228 a year. The US average is $69,021 a year.