Homestead, MI is a small city located in the Midwest of the United States. It has a population of about 4,000 people and is known for its affordability. The average 2 bedroom rent price is $980 per month, significantly lower than the US average of $1,430. This makes Homestead an attractive destination for people looking for an affordable place to live. In addition to its affordability, Homestead also has low grocery costs with a cost index rating of 95 compared to the US’s 100. The businesses in town are mainly small family-owned companies and include auto repair shops, restaurants, and convenience stores. The average wage in Homestead is around $30k annually with higher wages offered by larger employers like Walmart and Target.
Homestead has an unemployment rate of 6.9%. The US average is 6.0%.
Homestead has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 31.5%, which is lower than the US average of 33.5%.
Tax Rates for Homestead
- The Sales Tax Rate for Homestead is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Homestead 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 Homestead
- The average income of a Homestead resident is $19,007 a year. The US average is $28,555 a year.
- The Median household income of a Homestead resident is $64,805 a year. The US average is $69,021 a year.