Zip 04924 (Canaan, ME) Economy


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United States / Maine / No Metro Area / Somerset County / No City / Canaan (zip 04924)
Canaan, ME (zip code 04924) is a small town of 1,229 residents located in Somerset County. This quaint community offers affordable rent options for 2 bedroom apartments with an average cost of $920 per month. Local businesses include Canaan Country Store, Old Home Place Restaurant, and Johnson's Garage while nearby attractions include Coburn Mountain and McCoy Park. The Grocery Cost Index in Canaan is 104 versus 100 in the US, which means that groceries are slightly more expensive in Canaan compared to the national average.

Canaan (zip 04924) has an unemployment rate of 6.9%. The US average is 6.0%.

Canaan (zip 04924) has seen the job market decrease by -4.7% 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 (zip 04924)
- The Sales Tax Rate for Canaan (zip 04924) is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Canaan (zip 04924) 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 (zip 04924)
- The average income of a Canaan (zip 04924) resident is $23,452 a year. The US average is $37,638 a year.
- The Median household income of a Canaan (zip 04924) resident is $50,909 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomyCanaan, MaineUnited States
    Unlock6
    Unlock-6.2%
    Unlock33.5%
    Unlock6.2%
    Unlock4.6%
    Unlock$37,638
    Unlock$69,021
    Unlock$85,028
  Population by Occupation
    Unlock1.2%
    Unlock0.5%
    Unlock6.8%
    Unlock10.0%
    Unlock2.5%
    Unlock11.0%
    Unlock4.8%
    Unlock0.8%
    Unlock1.9%
    Unlock4.7%
    Unlock1.9%
    Unlock7.6%
    Unlock0.1%
    Unlock4.2%
    Unlock9.3%
    Unlock14.0%
    Unlock2.1%
    Unlock7.0%
    Unlock4.8%
    Unlock4.7%
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