Wood Lake, ND is a small city located in the US state of North Dakota. It has a population of approximately 1,000 people and is known for its strong sense of community. In terms of housing costs, Wood Lake offers a more affordable option than the US average. The average two-bedroom rental price in Wood Lake is $780 per month compared to $1,430 per month nationally. Similarly, the grocery cost index is 97 versus 100 in the US, making it a much more affordable area to shop for food.
The local economy consists of businesses such as Wood Lake Auto Center, Langer Farms and Gas Station, and Farmers Union Oil Company. These companies provide employment opportunities within the city limits as well as goods and services necessary for everyday life.
Overall, Wood Lake offers an affordable cost of living when looking at rental prices and grocery costs compared to national averages; however, there are fewer job opportunities due to its smaller population size.
Wood Lake has an unemployment rate of 6.5%. The US average is 6.0%.
Wood Lake has seen the job market decrease by -7.1% over the last year. Future job growth over the next ten years is predicted to be 5.5%, which is lower than the US average of 33.5%.
Tax Rates for Wood Lake
- The Sales Tax Rate for Wood Lake is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Wood Lake is 2.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Wood Lake
- The average income of a Wood Lake resident is $11,285 a year. The US average is $28,555 a year.
- The Median household income of a Wood Lake resident is $63,301 a year. The US average is $69,021 a year.