Colon, MI is a small town located in the state of Michigan. It is known for its affordability in comparison to other towns in the US. The average two bedroom rent in Colon is $850, which is far less than the US average of $1,430. Likewise, grocery costs are also quite low with an index of 93 versus 100 in the US.
Colon has many amenities for those who live there. There are many local businesses such as Balb's Hardware Store, Colon Grocery Store and Colonial House Motel and Restaurant. For those looking for outdoor activities, there are plenty of parks scattered throughout the town such as Franklin Park and Springer Park that offer picnic areas and playgrounds. In addition, Colon hosts several annual events such as the Stearns County Fair and Music Festivals that bring people from around the area to enjoy local music acts and entertainment.
Colon has an unemployment rate of 4.9%. The US average is 6.0%.
Colon has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 25.0%, which is lower than the US average of 33.5%.
Tax Rates for Colon
- The Sales Tax Rate for Colon is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Colon 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 Colon
- The average income of a Colon resident is $20,662 a year. The US average is $28,555 a year.
- The Median household income of a Colon resident is $50,536 a year. The US average is $69,021 a year.