Hico, WV is a small town located in Fayette County. It has a population of about 800 people and offers a quiet, peaceful atmosphere. The cost of living in Hico is considerably lower than the US average. For example, the 2 Bedroom Rent is $970 compared to the US average which is $1,430. Similarly, the Grocery Cost Index in Hico is 94 versus 100 in the US.
There are some local businesses in Hico such as Ed’s Garage and Goin’ Postal Hico that provide job opportunities to its residents and help sustain its economy. Due to its low cost of living, Hico can be an attractive destination for those who want to enjoy a peaceful life away from bustling cities while still maintaining their financial stability.
Hico has an unemployment rate of 7.8%. The US average is 6.0%.
Hico has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 18.3%, which is lower than the US average of 33.5%.
Tax Rates for Hico
- The Sales Tax Rate for Hico is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Hico is 6.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Hico
- The average income of a Hico resident is $15,482 a year. The US average is $37,638 a year.
- The Median household income of a Hico resident is $50,050 a year. The US average is $69,021 a year.