Lake City, MI is a vibrant city with plenty of local businesses and amenities to offer. Companies such as Walmart, Rite Aid, and Dollar General are just some of the shops that provide residents with access to affordable goods and services. The cost of living in Lake City is quite reasonable compared to the rest of the country; 2 bedroom rent in Lake City averages $870, while the US average is $1,430 - making it significantly more affordable. Additionally, grocery costs in Lake City are only 91 on a national index score of 100, indicating that groceries can be purchased at a much lower price than many other places. All things considered, Lake City provides an ideal combination of affordability and quality living.
Lake City has an unemployment rate of 6.2%. The US average is 6.0%.
Lake City has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 25.7%, which is lower than the US average of 33.5%.
Tax Rates for Lake City
- The Sales Tax Rate for Lake City is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Lake City 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 Lake City
- The average income of a Lake City resident is $16,941 a year. The US average is $28,555 a year.
- The Median household income of a Lake City resident is $51,719 a year. The US average is $69,021 a year.