Cottonwood, AL is a rural community located in the state of Alabama. With a population just over 900 people, Cottonwood is known as an ideal location for those looking for a quiet rural lifestyle. The cost of living here is relatively affordable when compared to other parts of the country with the average 2 bedroom rent coming in at $740. Groceries are also relatively cheaper in Cottonwood compared to the US. with an index score of 94 versus 100 throughout the nation. Although Cottonwood may not have any big industry or large companies, it does boast several locally owned businesses such as Anderson Farms Produce, Home Again Antiques & Collectibles, and Danny's Steakhouse & BBQ. In all, Cottonwood provides an affordable living situation that makes it ideal for those seeking a peaceful small-town lifestyle.
Cottonwood has an unemployment rate of 3.4%. The US average is 6.0%.
Cottonwood has seen the job market decrease by -2.3% over the last year. Future job growth over the next ten years is predicted to be 29.7%, which is lower than the US average of 33.5%.
Tax Rates for Cottonwood
- The Sales Tax Rate for Cottonwood is 5.0%. The US average is 7.3%.
- The Income Tax Rate for Cottonwood is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Cottonwood
- The average income of a Cottonwood resident is $17,359 a year. The US average is $37,638 a year.
- The Median household income of a Cottonwood resident is $29,375 a year. The US average is $69,021 a year.