Naval Academy, MD is a lovely city nestled on the shore of the Chesapeake Bay. It is well-known for its naval base, US Naval Academy, which brings in a diverse population from all over the world. The cost of living in Naval Academy is slightly higher than the national average, with two bedroom rent being $2,370 compared to $1,430 nationally. The Grocery Cost Index in Naval Academy is 102 versus 100 for the US as a whole. Popular local businesses include Naval Exchange Thrift Shop, Perdix Seafood Co., and Percy's Cafe & Market. With its wonderful views of the bay and higher-than-average cost of living, Naval Academy is an excellent place to call home.
Naval Academy has an unemployment rate of 4.9%. The US average is 6.0%.
Naval Academy has seen the job market decrease by -6.2% over the last year. Future job growth over the next ten years is predicted to be 32.7%, which is lower than the US average of 33.5%.
Tax Rates for Naval Academy
- The Sales Tax Rate for Naval Academy is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Naval Academy is 7.3%. The US average is 4.6%.
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Income and Salaries for Naval Academy
- The average income of a Naval Academy resident is $24,046 a year. The US average is $37,638 a year.
- The Median household income of a Naval Academy resident is $103,919 a year. The US average is $69,021 a year.