Colfax, IL is a small town located in Illinois with numerous local businesses and amenities that offer convenience to its residents. Companies such as the Colfax Pharmacy, Colfax Café, and Colfax Hardware Store can be found in the area. The cost of rent in Colfax is notably lower than the US average for two bedroom apartments. On average, residents pay about $850 per month for a two-bedroom apartment compared to the national average of $1,430. Additionally, grocery items are generally less expensive as well, with an index score of 93 when compared to the US index of 100.
Colfax has an unemployment rate of 5.0%. The US average is 6.0%.
Colfax has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 22.9%, which is lower than the US average of 33.5%.
Tax Rates for Colfax
- The Sales Tax Rate for Colfax is 8.8%. The US average is 7.3%.
- The Income Tax Rate for Colfax 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 Colfax
- The average income of a Colfax resident is $25,984 a year. The US average is $28,555 a year.
- The Median household income of a Colfax resident is $62,798 a year. The US average is $69,021 a year.