Lake City, SD is a great place to live with its low cost of living. The average 2 bedroom rent is $820 compared to the US average of $1,430. This is a great savings for those looking for an affordable place to stay. Grocery costs in Lake City are also cheaper than the national average with a grocery cost index of 106 versus 100 in the US. There are a number of local companies and stores that residents can visit including Smith Grocery, Lake City Hardware, and Knapp's Auto Repair. Shopping at these local stores helps to support the city's economy and maintain its relatively low living costs.
Lake City has an unemployment rate of 4.4%. The US average is 6.0%.
Lake City 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 12.9%, which is lower than the US average of 33.5%.
Tax Rates for Lake City
- The Sales Tax Rate for Lake City is 4.5%. The US average is 7.3%.
- The Income Tax Rate for Lake City 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 Lake City
- The average income of a Lake City resident is $27,455 a year. The US average is $28,555 a year.
- The Median household income of a Lake City resident is $56,250 a year. The US average is $69,021 a year.