Lake of the Woods, AZ is a small town located in Coconino County. It has a population of just under 400 people. The local economy is heavily reliant on tourism, with many businesses catering to visitors from all over the country who come to experience the natural beauty of the area. Local companies include stores offering outdoor gear and equipment, a cafe and restaurant, and a few bars.
The area's housing market is relatively affordable compared to other parts of Arizona. The average rent for a two-bedroom apartment is $1,010 while nationally it is $1,430. Similarly, grocery costs are quite low at 96 index points compared to 100 points across the US. In conclusion, Lake of the Woods offers an attractive combination of nature-based activities and reasonable cost of living.
Lake of the Woods has an unemployment rate of 8.7%. The US average is 6.0%.
Lake of the Woods has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 31.6%, which is lower than the US average of 33.5%.
Tax Rates for Lake of the Woods
- The Sales Tax Rate for Lake of the Woods is 6.1%. The US average is 7.3%.
- The Income Tax Rate for Lake of the Woods is 4.2%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lake of the Woods
- The average income of a Lake of the Woods resident is $22,455 a year. The US average is $28,555 a year.
- The Median household income of a Lake of the Woods resident is $47,611 a year. The US average is $69,021 a year.