Somerville, AL is an affordable place to live. The 2 bedroom rent in this town is $790 compared to the US average of $1,430. Grocery cost index is also lower here with 95 versus 100 in the US. Local companies that contribute to the economy include Somerville Bank, First National Bank & Trust Company, and Somerville Lumber Company. In addition to these businesses, there are many small and independent companies that are helping to boost the local economy. These local companies offer unique services and products that make living in Somerville more convenient for its residents. As a result of these competitive businesses, prices remain lower than most other towns across the country.
Somerville has an unemployment rate of 2.4%. The US average is 6.0%.
Somerville has seen the job market increase by 2.4% over the last year. Future job growth over the next ten years is predicted to be 33.1%, which is lower than the US average of 33.5%.
Tax Rates for Somerville
- The Sales Tax Rate for Somerville is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Somerville 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 Somerville
- The average income of a Somerville resident is $18,686 a year. The US average is $28,555 a year.
- The Median household income of a Somerville resident is $39,904 a year. The US average is $69,021 a year.