Royal Oak, MI is a vibrant city located in Oakland County, just north of Detroit. It is known for its arts and entertainment district as well as offering great shopping and dining experiences. The cost of living in Royal Oak is slightly higher than the US average, specifically for those looking for a two-bedroom rental home which costs about $1,480 monthly compared to $1,430 across the US. The grocery cost index is also higher at 98 versus the US’s 100 index. Despite the slight difference in living costs, Royal Oak offers many job opportunities with local companies like Beaumont Health System, General Motors Corporation, Flagstar Bank, JPMorgan Chase & Co., and Henry Ford Health System. With these employment options combined with its cultural attractions Royal Oak can be a perfect place to call home.
Royal Oak has an unemployment rate of 2.2%. The US average is 6.0%.
Royal Oak has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 39.7%, which is higher than the US average of 33.5%.
Tax Rates for Royal Oak
- The Sales Tax Rate for Royal Oak is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Royal Oak 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 Royal Oak
- The average income of a Royal Oak resident is $39,676 a year. The US average is $28,555 a year.
- The Median household income of a Royal Oak resident is $87,316 a year. The US average is $69,021 a year.