Lake Valley, NM is a small rural town located in Dona Ana County with a population of about 5,000 people. Despite being a small town, Lake Valley has many local businesses such as Pizza Hut, Subway, Allsup's convenience store and Dollar General. The cost of living in Lake Valley is much lower than the US average. For example, rent for a two bedroom apartment in Lake Valley is $840 while the same costs $1,430 on average across the US. Moreover, the Grocery Cost Index in Lake Valley is 89 as compared to 100 in the US. This makes it an affordable and attractive option for those looking for a place to live with low expenses.
Lake Valley has an unemployment rate of 9.7%. The US average is 6.0%.
Lake Valley has seen the job market increase by 2.5% over the last year. Future job growth over the next ten years is predicted to be 18.2%, which is lower than the US average of 33.5%.
Tax Rates for Lake Valley
- The Sales Tax Rate for Lake Valley is 7.6%. The US average is 7.3%.
- The Income Tax Rate for Lake Valley is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lake Valley
- The average income of a Lake Valley resident is $11,151 a year. The US average is $28,555 a year.
- The Median household income of a Lake Valley resident is $43,150 a year. The US average is $69,021 a year.