Toronto, IA is an economically stable city. It has a wide range of businesses, from construction to agriculture. Some of the well-known companies in Toronto are the Toronto Building Corporation, the Toronto Grain Exchange, and the Toronto Cattle Company. The average two bedroom rent in Toronto is $850 compared to $1,430 in the US, indicating that housing costs are relatively affordable in this city. Additionally, the grocery cost index in Toronto is 94 versus 100 in the US which signals that food expenses remain reasonably low for residents. All together, these factors point to an overall high level of economic stability for those who live or work in Toronto, IA.
Toronto has an unemployment rate of 5.5%. The US average is 6.0%.
Toronto has seen the job market decrease by -7.7% over the last year. Future job growth over the next ten years is predicted to be 15.4%, which is lower than the US average of 33.5%.
Tax Rates for Toronto
- The Sales Tax Rate for Toronto is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Toronto is 9.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Toronto
- The average income of a Toronto resident is $25,094 a year. The US average is $37,638 a year.
- The Median household income of a Toronto resident is $38,500 a year. The US average is $69,021 a year.