Lorain, OH is a great city to live in due to its low cost of living. The rent for a two bedroom apartment is $880 compared to the national average of $1,430. Furthermore, the Grocery Cost Index is 94 versus 100 in the US, making it even more affordable.
The city boasts plenty of local businesses like Valley Industries Inc., Barringer Construction Co., and Oberlin Glasear Co. Additionally, there are many cultural attractions such as Black River Historical Society & Museum and Lakeview Park & Beach. Lorain also offers excellent educational opportunities with Lorain County Community College and some top performing schools in the area.
In conclusion, Lorain is an ideal place to live with its low-cost housing and groceries, ample local businesses, cultural offerings, and educational opportunities.
Lorain has an unemployment rate of 5.6%. The US average is 6.0%.
Lorain has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 21.8%, which is lower than the US average of 33.5%.
Tax Rates for Lorain
- The Sales Tax Rate for Lorain is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Lorain is 5.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lorain
- The average income of a Lorain resident is $19,240 a year. The US average is $28,555 a year.
- The Median household income of a Lorain resident is $42,201 a year. The US average is $69,021 a year.