Skandia, MI Economy


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Skandia, MI is a small community with a relaxed atmosphere. Located in the Upper Peninsula of Michigan, it is home to a variety of businesses and amenities. Skandia's two bedroom rent is $920 per month which is significantly lower than the national average of $1,430. Additionally, the Grocery Cost Index in Skandia is 92 compared to 100 nationally. Companies that are local to Skandia include several restaurants such as Silver Creek Inn and The Bear Trap Bar & Grill, various shops including Lake Effect Coffee Roasters and Maple Ridge Crafts and Gifts, and services like Hillman Automotive Repair & Tire Center. With its convenient location and affordable cost of living, Skandia offers residents a great place to live.

Skandia has an unemployment rate of 5.9%. The US average is 6.0%.

Skandia has seen the job market decrease by 0.0% over the last year. Future job growth over the next ten years is predicted to be 19.8%, which is lower than the US average of 33.5%.

Tax Rates for Skandia
- The Sales Tax Rate for Skandia is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Skandia 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 Skandia
- The average income of a Skandia resident is $23,087 a year. The US average is $28,555 a year.
- The Median household income of a Skandia resident is $64,722 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomySkandia, MichiganUnited States
  5.96
  -5.9%-6.2%
  19.8%33.5%
  6.0%6.2%
  4.3%4.6%
  $32,124$37,638
  $64,722$69,021
  $68,333$85,028
  Population by Occupation
  2.2%1.2%
  3.1%0.5%
  9.0%6.8%
  4.2%10.0%
  2.0%2.5%
  17.1%11.0%
  2.2%4.8%
  2.0%0.8%
  0.0%1.9%
  2.8%4.7%
  1.1%1.9%
  2.8%7.6%
  0.0%0.1%
  5.3%4.2%
  4.8%9.3%
  22.2%14.0%
  1.7%2.1%
  2.5%7.0%
  5.6%4.8%
  9.3%4.7%
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