Point Hope, AK is a small town located in Northwest Arctic Borough with a population of 845 people according to the 2020 US Census. The average rent for a 2-bedroom apartment here is $1,790 which is much higher than the US average of $1,430. Additionally, the Grocery Cost Index for Point Hope is 249 compared to 100 in the US on average.
Living and working in Point Hope comes with a lot of expense which can make it difficult for local companies like Tikiqmiut Corporation or Ekuk Fisheries Incorporated to attract new employees or keep their current staff. This makes competing with other businesses from larger cities across Alaska more difficult due to an increased cost of living. Furthermore, businesses in Point Hope have to pay more for goods and services than their competitors from other parts of the country which affects their bottom line significantly.
Point Hope (zip 99766) has an unemployment rate of 6.6%. The US average is 6.0%.
Point Hope (zip 99766) has seen the job market decrease by -10.4% over the last year. Future job growth over the next ten years is predicted to be 2.0%, which is lower than the US average of 33.5%.
Tax Rates for Point Hope (zip 99766)
- The Sales Tax Rate for Point Hope (zip 99766) is 3.0%. The US average is 7.3%.
- The Income Tax Rate for Point Hope (zip 99766) 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 (zip 99766)
- The average income of a Point Hope (zip 99766) resident is $19,502 a year. The US average is $37,638 a year.
- The Median household income of a Point Hope (zip 99766) resident is $62,321 a year. The US average is $69,021 a year.