Cottonwood Lake, SD is a small town located in the prairie region of South Dakota. The area has a low cost of living with a 2 bedroom rent at only $840 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Cottonwood Lake is 96 versus 100 in the US. The economy of Cottonwood Lake is supported by several small businesses including L&M Hardware Store, Cottonwood Bakery, and MD Clothing Store. Residents also benefit from low unemployment rates due to positions available with local companies like Ranchers Oil Field Services and Wren Construction Company. Cottonwood Lake is an affordable and friendly community with many job opportunities for its inhabitants.
Cottonwood Lake has an unemployment rate of 2.8%. The US average is 6.0%.
Cottonwood Lake has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 17.1%, which is lower than the US average of 33.5%.
Tax Rates for Cottonwood Lake
- The Sales Tax Rate for Cottonwood Lake is 4.5%. The US average is 7.3%.
- The Income Tax Rate for Cottonwood Lake is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Cottonwood Lake
- The average income of a Cottonwood Lake resident is $30,393 a year. The US average is $28,555 a year.
- The Median household income of a Cottonwood Lake resident is $111,250 a year. The US average is $69,021 a year.