Elmwood, MI is a small town located in the Midwest. It offers affordable living with two bedroom rents costing only $790. This is well below the US average of $1,430. Additionally, residents benefit from low costs of living because the city's grocery cost index is 89 versus the US average of 100. The town also has many local companies for residents to work for, including Elmwood Auto Parts, a family-owned automotive parts supplier and Elmwood Printing Co., one of the oldest printing companies in Michigan.
Elmwood has an unemployment rate of 6.3%. The US average is 6.0%.
Elmwood has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 18.0%, which is lower than the US average of 33.5%.
Tax Rates for Elmwood
- The Sales Tax Rate for Elmwood is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Elmwood 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 Elmwood
- The average income of a Elmwood resident is $19,918 a year. The US average is $28,555 a year.
- The Median household income of a Elmwood resident is $53,224 a year. The US average is $69,021 a year.