Houghton, MI is a great place to live as it has some of the most affordable living costs. Rent for a two-bedroom apartment in Houghton is around $720, while the national average is over twice that at $1,430. Furthermore, Houghton also has a lower Grocery Cost Index than the US, with 94 compared to 100. This means that local residents can find amazing bargains for food items and household supplies.
Houghton boasts many prominent companies such as: Michigan Tech Enterprises Inc., Keweenaw Land Trust Inc., Portage Health Foundation, and Calumet Electronics Corporation. These businesses provide employment to local residents and contribute positively to the economy of Houghton. Other services available in the city include AT&T U-verse, the Houghton Fire Department, and a number of public parks and recreational facilities.
Houghton has an unemployment rate of 5.4%. The US average is 6.0%.
Houghton has seen the job market increase by 0.6% 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 Houghton
- The Sales Tax Rate for Houghton is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Houghton is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Houghton
- The average income of a Houghton resident is $16,641 a year. The US average is $28,555 a year.
- The Median household income of a Houghton resident is $24,660 a year. The US average is $69,021 a year.