New Salem, IL is a small town located in the state of Illinois. It is known for its affordable housing, with 2 bedroom rent being significantly lower than the US average at $710 compared to $1,430. It also has a competitive grocery cost index of 92 compared to the US average of 100. Not only is it a great place to live in, but it also offers plenty of job opportunities as well. Local companies such as Dollar General and Walmart have their headquarters set up in New Salem while other popular businesses like Subway and Dunkin Donuts are also based there. Furthermore, there is an abundance of different restaurants and shopping centers that make life more convenient for its residents.
New Salem has an unemployment rate of 4.8%. The US average is 6.0%.
New Salem has seen the job market decrease by -6.2% over the last year. Future job growth over the next ten years is predicted to be 13.7%, which is lower than the US average of 33.5%.
Tax Rates for New Salem
- The Sales Tax Rate for New Salem is 7.8%. The US average is 7.3%.
- The Income Tax Rate for New Salem 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 New Salem
- The average income of a New Salem resident is $25,792 a year. The US average is $37,638 a year.
- The Median household income of a New Salem resident is $0 a year. The US average is $69,021 a year.