Buchanan, MI Economy


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Buchanan, MI is a small city located in Southwest Michigan. The cost of living in Buchanan is quite affordable, with the 2 bedroom rent being $850 compared to the US average of $1,430, and the Grocery Cost Index being 91 versus 100 in the US. It has many local businesses such as B&L Plumbing Supply Co., Charles Street Market, and Buchanan Paint Store. These companies provide services and goods for residents and visitors alike. The city also offers several recreation activities such as camping at the nearby state park. With its affordable cost of living and plentiful amenities, Buchanan is an ideal place to live or visit.

Buchanan has an unemployment rate of 5.8%. The US average is 6.0%.

Buchanan has seen the job market increase by 0.1% over the last year. Future job growth over the next ten years is predicted to be 25.4%, which is lower than the US average of 33.5%.

Tax Rates for Buchanan
- The Sales Tax Rate for Buchanan is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Buchanan 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 Buchanan
- The average income of a Buchanan resident is $22,409 a year. The US average is $28,555 a year.
- The Median household income of a Buchanan resident is $50,671 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomyBuchanan, MichiganUnited States
  5.86
  -6.5%-6.2%
  25.4%33.5%
  6.0%6.2%
  4.3%4.6%
  $26,705$37,638
  $50,671$69,021
  $57,855$85,028
  Population by Occupation
  1.1%1.2%
  0.0%0.5%
  5.4%6.8%
  26.9%10.0%
  1.7%2.5%
  16.0%11.0%
  3.8%4.8%
  0.0%0.8%
  0.6%1.9%
  4.4%4.7%
  0.8%1.9%
  2.8%7.6%
  0.0%0.1%
  1.8%4.2%
  3.0%9.3%
  6.9%14.0%
  2.6%2.1%
  7.0%7.0%
  10.9%4.8%
  4.2%4.7%
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