Loraine, IL is a small town in the Midwest with a friendly atmosphere. It is home to numerous local businesses such as Loraine Hardware, which provides quality hardware and tools for residents; Bluebird Bakery, which offers fresh-baked breads and pastries; and Bluegrass Grocery Store, which has a variety of locally sourced produce and goods. The cost of living in Loraine is quite affordable compared to the US average, with 2 Bedroom Rent at $820 versus $1,430 in the US on average, and the Grocery Cost Index being 93 versus 100 in the US. Residents of Loraine can enjoy all that this charming town has to offer while saving money.
Loraine has an unemployment rate of 4.4%. The US average is 6.0%.
Loraine has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 28.6%, which is lower than the US average of 33.5%.
Tax Rates for Loraine
- The Sales Tax Rate for Loraine is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Loraine 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 Loraine
- The average income of a Loraine resident is $19,028 a year. The US average is $28,555 a year.
- The Median household income of a Loraine resident is $51,397 a year. The US average is $69,021 a year.