Penfield, IL is a small town located near the border of Illinois and Indiana. It has a population of approximately 1300 people and is known for its friendly atmosphere. The cost of living in Penfield is relatively affordable compared to other US cities. For example, the 2 bedroom rent in Penfield is $880, while the US average for 2 bedroom rent is $1,430. Grocery costs are also cheaper with an index score of 97 compared to the US score of 100.
There are several businesses located in Penfield such as McFarland Enterprises, which provides retail products and services; Stahl Tractor Company, which specializes in agricultural equipment; and Moore Auto Parts, which supplies automotive parts to customers from all over the state. All these local businesses offer competitive prices that can help residents save money on their everyday needs.
Penfield has an unemployment rate of 5.0%. The US average is 6.0%.
Penfield has seen the job market increase by 2.2% over the last year. Future job growth over the next ten years is predicted to be 30.2%, which is lower than the US average of 33.5%.
Tax Rates for Penfield
- The Sales Tax Rate for Penfield is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Penfield 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 Penfield
- The average income of a Penfield resident is $28,113 a year. The US average is $28,555 a year.
- The Median household income of a Penfield resident is $84,722 a year. The US average is $69,021 a year.