South Beloit, IL is a small city located in Winnebago County with a population of 7,843 as of 2018. It is known for having a strong sense of community and for businesses such as Community State Bank and Marmion Custom Heating & Cooling who have been supporting the residents since 1929 and 2008 respectively. South Beloit has an average rent cost of $870 which is significantly lower than the US 2 bedroom rent average of $1,430. Additionally, the Grocery Cost Index in South Beloit was 92 versus 100 in the US making groceries more affordable for its residents. Thus South Beloit offers an economical living option with great support from local businesses.
South Beloit has an unemployment rate of 8.1%. The US average is 6.0%.
South Beloit has seen the job market increase by 2.6% over the last year. Future job growth over the next ten years is predicted to be 23.5%, which is lower than the US average of 33.5%.
Tax Rates for South Beloit
- The Sales Tax Rate for South Beloit is 7.3%. The US average is 7.3%.
- The Income Tax Rate for South Beloit is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for South Beloit
- The average income of a South Beloit resident is $22,143 a year. The US average is $28,555 a year.
- The Median household income of a South Beloit resident is $65,218 a year. The US average is $69,021 a year.