Penhook, VA is a small town located in the state of Virginia with an estimated population of less than 1,000 people. The cost of living in Penhook is lower than the US average with a two-bedroom rental at $870 compared to $1,430 nationally. The Grocery Cost Index also reflects this trend with 103 versus 100 in the US. This makes Penhook an attractive location for those looking for a more affordable lifestyle. Locally, there are some great businesses around town such as Smith's Hardware Store, Brightside Cafe and Cafe Fresh providing residents with quality products and services. For those looking for convenience stores and fast food restaurants there are numerous options as well. Overall, Penhook offers great affordability due to its lower cost of living compared to the rest of the country making it a desirable area to live.
Penhook has an unemployment rate of 4.8%. The US average is 6.0%.
Penhook 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 28.4%, which is lower than the US average of 33.5%.
Tax Rates for Penhook
- The Sales Tax Rate for Penhook is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Penhook is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Penhook
- The average income of a Penhook resident is $78,644 a year. The US average is $37,638 a year.
- The Median household income of a Penhook resident is $85,139 a year. The US average is $69,021 a year.