Onaway, MI is a small town located in the northern part of Michigan. It has a population of approximately 1,100 people and its economy is mainly focused on agriculture and forestry. The cost of living in Onaway is relatively low with a two bedroom rent costing $820 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Onaway is 90 as compared to the US average of 100.
The town's business environment consists mostly of smaller-scale companies such as Onaway Lumber Company Ltd., which offers lumber products and services; Up North Plumbing Inc., providing plumbing services; Northern Lakes Electric Coop., offering electrical services; and Pathway Insurance Group Inc., providing insurance solutions to residents and businesses. All these companies serve the local communities in Onaway and its surrounding area.
The economic outlook for Onaway is stable because locals are content with their living costs while businesses face little competition from outside sources due to its rural location. Furthermore, many businesses have adapted to new technology platforms which allow them to reach more customers without increased overhead costs or physical expansion. This allows them to stay competitive in their industries despite being at a smaller scale than other cities or towns in Michigan.
Onaway has an unemployment rate of 9.5%. The US average is 6.0%.
Onaway has seen the job market decrease by -0.7% over the last year. Future job growth over the next ten years is predicted to be 11.8%, which is lower than the US average of 33.5%.
Tax Rates for Onaway
- The Sales Tax Rate for Onaway is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Onaway 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 Onaway
- The average income of a Onaway resident is $14,868 a year. The US average is $28,555 a year.
- The Median household income of a Onaway resident is $28,162 a year. The US average is $69,021 a year.