Ontonagon, MI is a small town located in Michigan's Upper Peninsula. It has a population of about 1,800 and is known for its peaceful atmosphere and abundance of outdoor activities. The cost of living in Ontonagon is considerably lower than the US average, with 2 bedroom rent prices at $840 compared to $1,430 nationally. The grocery cost index in Ontonagon is also significantly less than the US average, making it an affordable and attractive option for many families looking to relocate.
Ontonagon boasts several local businesses, including Oliver Iron Mining Co., a leading mining company that specializes in iron ore production. Other companies include Ojibwa Foods Corporation, which provides healthy organic food items and products to local markets; Ontonagaon Community Credit Union, which offers low interest rates on loan and credit options; and Hansen Electric Motors Inc., an electric motor repair shop providing reliable services to area residents.
Ontonagon has an unemployment rate of 7.8%. The US average is 6.0%.
Ontonagon has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 6.9%, which is lower than the US average of 33.5%.
Tax Rates for Ontonagon
- The Sales Tax Rate for Ontonagon is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Ontonagon 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 Ontonagon
- The average income of a Ontonagon resident is $19,748 a year. The US average is $28,555 a year.
- The Median household income of a Ontonagon resident is $42,500 a year. The US average is $69,021 a year.