Fairbanks, MI is an excellent place to live for people looking for a cost effective area. The 2 Bedroom Rent is $790 compared to the US average of $1,430, making it an attractive option for renters. Not only is the rent lower than the national average but the Grocery Cost Index is 91 which is much lower than the US index of 100, providing even more savings. Additionally, Fairbanks has plenty of local companies and entertainment/leisure options. For example, there are popular businesses such as Grandma's Country Store and K & K Guns. There are also popular spots like Northern Lights Wildlife Park and Grandview Golf Course for leisure activities.
Fairbanks has an unemployment rate of 6.4%. The US average is 6.0%.
Fairbanks 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 20.5%, which is lower than the US average of 33.5%.
Tax Rates for Fairbanks
- The Sales Tax Rate for Fairbanks is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Fairbanks 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 Fairbanks
- The average income of a Fairbanks resident is $21,004 a year. The US average is $28,555 a year.
- The Median household income of a Fairbanks resident is $51,250 a year. The US average is $69,021 a year.