Lomax, IL is a great place to live with many amenities and a low cost of living. The median 2 bedroom rent in Lomax is only $700 compared to the US median of $1,430. This makes it an attractive option for those looking to save money on housing costs. In addition, the grocery cost index is 91 versus 100 in the US making it a great place for groceries as well.
The town has a number of small businesses that contribute to its local economy including State Farm Insurance, Lomax Agri-Business Solutions, John Deere dealership, and Traders State Bank. These businesses provide jobs and services to the community while also supporting other local businesses in their area. The town's thriving economy is supported by these businesses that bring capital into the area and help create economic growth.
Lomax has an unemployment rate of 5.3%. The US average is 6.0%.
Lomax has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 20.8%, which is lower than the US average of 33.5%.
Tax Rates for Lomax
- The Sales Tax Rate for Lomax is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Lomax 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 Lomax
- The average income of a Lomax resident is $20,530 a year. The US average is $28,555 a year.
- The Median household income of a Lomax resident is $41,250 a year. The US average is $69,021 a year.