Laketown, MI is a charming town with many local businesses and amenities. The cost of living is very attractive, with 2 bedroom rental rates at $1,140 compared to the US average of $1,430. Grocery prices are also relatively low in Laketown, with an index of 96 compared to 100 in the US overall. There are numerous local companies that contribute to the economy and provide jobs for residents. These include Laketown Automotive Services, Laketown Home Repair & Maintenance, Health Essentials Medical Supplies and more. The town also has many amenities such as lakeside parks and trails for outdoor activities including fishing, biking, hiking and swimming. There is also a library and community center which host weekly classes and events.
Laketown has an unemployment rate of 5.1%. The US average is 6.0%.
Laketown has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
Tax Rates for Laketown
- The Sales Tax Rate for Laketown is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Laketown 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 Laketown
- The average income of a Laketown resident is $40,433 a year. The US average is $28,555 a year.
- The Median household income of a Laketown resident is $79,647 a year. The US average is $69,021 a year.