Nelson, IL is a small town located in central Illinois. It has a variety of local businesses including F&M Bank, Steck's Grocery Store, and the Nelson Diner. The cost of living in Nelson is generally lower than that of the US as a whole. For example, rent for a two-bedroom apartment in Nelson averages $770 per month compared to the national average of $1,430. Additionally, the Grocery Cost Index in Nelson is 94 while the US index rests at 100 indicating that groceries will be cheaper here than they are on average across the country. All together these factors make it clear why Nelson has become an increasingly attractive place to live for those looking to save money while enjoying small-town life.
Nelson has an unemployment rate of 5.2%. The US average is 6.0%.
Nelson has seen the job market decrease by -5.9% over the last year. Future job growth over the next ten years is predicted to be 29.1%, which is lower than the US average of 33.5%.
Tax Rates for Nelson
- The Sales Tax Rate for Nelson is 8.3%. The US average is 7.3%.
- The Income Tax Rate for Nelson 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 Nelson
- The average income of a Nelson resident is $23,834 a year. The US average is $37,638 a year.
- The Median household income of a Nelson resident is $34,167 a year. The US average is $69,021 a year.