Florence, MI is an attractive city for those looking to save on monthly rent. A two bedroom apartment in Florence costs only $860, much lower than the US average of $1,430. The cost of living is also a lot lower in Florence with a Grocery Cost Index of 93 as opposed to 100 in the US. Not only does Florence offer lower prices than other cities in the area, but it is also home to many local companies such as All-Rite Plumbing, Coit Cleaning and Restoration Services and Fine Line Building Supply. With its low rent prices and cost of living, Florence is an ideal spot for those looking to save money while still enjoying urban amenities.
Florence has an unemployment rate of 4.9%. The US average is 6.0%.
Florence 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 Florence
- The Sales Tax Rate for Florence is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Florence 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 Florence
- The average income of a Florence resident is $22,219 a year. The US average is $28,555 a year.
- The Median household income of a Florence resident is $59,342 a year. The US average is $69,021 a year.