Norwood, IL is a small town located in the heart of Cook County. It offers an affordable cost of living with the average two bedroom rent at $890 per month, which is much lower than the US average of $1,430 per month. The Grocery Cost Index is also lower than the national index at 91 compared to 100. Despite its smaller size, Norwood has a vibrant community with many local businesses and restaurants to choose from. Some of these include Lily’s Boutique for clothing needs, Main Street Markets for groceries, Artisan Café for coffee lovers and Pippins BBQ for mouthwatering southern style food. Residents also enjoy several yearly festivals such as the Chili Festival in January and the Summerfest in June.
Norwood has an unemployment rate of 8.2%. The US average is 6.0%.
Norwood has seen the job market increase by 1.5% over the last year. Future job growth over the next ten years is predicted to be 17.6%, which is lower than the US average of 33.5%.
Tax Rates for Norwood
- The Sales Tax Rate for Norwood is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Norwood 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 Norwood
- The average income of a Norwood resident is $24,898 a year. The US average is $28,555 a year.
- The Median household income of a Norwood resident is $65,750 a year. The US average is $69,021 a year.