Frederic, MI is a small town located in the northern region of Michigan. It is renowned for its scenic beauty and peaceful atmosphere. The cost of living in Frederic is quite low, making it an ideal place to live for budget conscious families. The average rent for a two bedroom apartment in Frederic is significantly lower than the national average at $890 compared with $1,430. Grocery costs are also much more affordable in Frederic with an index score of 90 compared to 100 nationally.
The economy of Frederically is mainly driven by local industry. Some popular companies include the 3B's Bar & Grill, Cross Street Car Wash, and Hillside Dairy Farm. These businesses provide residents with essential services and job opportunities while preserving the town’s character.
Frederic has an unemployment rate of 7.3%. The US average is 6.0%.
Frederic has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 33.5%, which is higher than the US average of 33.5%.
Tax Rates for Frederic
- The Sales Tax Rate for Frederic is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Frederic 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 Frederic
- The average income of a Frederic resident is $19,458 a year. The US average is $28,555 a year.
- The Median household income of a Frederic resident is $53,333 a year. The US average is $69,021 a year.