I have a question regarding the top answer given by Tyler Lawson. As far as I know you can only apply the relative version of the Kunneth formula to cofibrations. Since we do not know much about $X$, it is unclear why $(X, X\setminus p)$ is a cofibration. Moreover, $(\mathbb R^3, \mathbb R^3\setminus p)$ is not a cofibration (I think).