Loretto, TN is a small town located in Lawrence County. It has a wide variety of local businesses, such as Loretto Market, Loretto Hardware & Supply Co., and White's Barbecue House. The cost of living in Loretto is quite low compared to the US as a whole; rent for a 2 bedroom house is approximately $760, which is significantly lower than the national average of $1,430. Additionally, the grocery cost index in Loretto is 93 compared to 100 in the US. This makes it an ideal location for those looking for affordable living costs and easy access to local businesses.
Loretto has an unemployment rate of 5.1%. The US average is 6.0%.
Loretto has seen the job market increase by 1.5% over the last year. Future job growth over the next ten years is predicted to be 32.5%, which is lower than the US average of 33.5%.
Tax Rates for Loretto
- The Sales Tax Rate for Loretto is 9.8%. The US average is 7.3%.
- The Income Tax Rate for Loretto 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 Loretto
- The average income of a Loretto resident is $20,836 a year. The US average is $28,555 a year.
- The Median household income of a Loretto resident is $47,933 a year. The US average is $69,021 a year.