The small city of Colchester, IL is the perfect place to call home! With affordable rent for two bedroom apartments being $710 versus the national average of $1,430, it's a great option for those looking to save some money. Additionally, the Grocery Cost Index for Colchester is 90 compared to the US which is 100. With these economic benefits and more, it's no wonder locals are flocking to Colchester. The city has plenty of nearby businesses as well, such as Colchester Feed & Grain, Mason’s Tractor & Equipment Repair, and True Value Hardware Store - all of which cater to various shopping needs. With its great economy and local businesses, Colchester is the ideal place for those on a budget!
Colchester has an unemployment rate of 5.3%. The US average is 6.0%.
Colchester 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 16.6%, which is lower than the US average of 33.5%.
Tax Rates for Colchester
- The Sales Tax Rate for Colchester is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Colchester 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 Colchester
- The average income of a Colchester resident is $18,311 a year. The US average is $28,555 a year.
- The Median household income of a Colchester resident is $49,063 a year. The US average is $69,021 a year.