Farwell, MI is a small town located in the state of Michigan. It provides a cost of living that is much lower than the U.S. average, with two bedroom rent costing only $810 compared to the US average of $1,430. Grocery costs are also lower than the US average, with an index rating of 91 versus 100 nationally. The town plays home to many local businesses which have had a positive economic impact on the growth and development of Farwell. Examples include F&F Plastic Products, which manufactures medical equipment; Midwestern Woodcrafts, which produces custom cabinets and furniture; and Harms Trucking Ltd., which provides commercial transportation services throughout Michigan. These companies provide jobs for local residents and contribute positively to Farwell's economy by providing goods and services while putting money back into the area through wages and taxes.
Farwell has an unemployment rate of 8.1%. The US average is 6.0%.
Farwell has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 30.6%, which is lower than the US average of 33.5%.
Tax Rates for Farwell
- The Sales Tax Rate for Farwell is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Farwell 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 Farwell
- The average income of a Farwell resident is $16,539 a year. The US average is $28,555 a year.
- The Median household income of a Farwell resident is $36,016 a year. The US average is $69,021 a year.