Milford, IA is a great place to live and work. It is a small town located in northwest Iowa with a population of about 2,000 people. The cost of living in Milford is very reasonable compared to other parts of the country; for instance, the average 2 bedroom rent here is only $960, while it is typically $1,430 throughout the US. Additionally, the Grocery Cost Index here is 98 versus 100 in the US. This means that groceries are slightly more affordable in Milford than elsewhere.
There are many local companies located in Milford such as Raccoon Valley Bank, Mid-Iowa Fertilizer Co., and Laverty's Implement Inc. These companies provide employment opportunities to locals as well as services within Milford and its surrounding areas.
In summary, Milford has an affordable cost of living when compared to many other places throughout the US; specifically rent for a two bedroom apartment here averages at $960 versus $1,430 nationally. Furthermore, there are several local businesses which provide jobs and services to residents within this community.
Milford has an unemployment rate of 4.9%. The US average is 6.0%.
Milford has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 26.4%, which is lower than the US average of 33.5%.
Tax Rates for Milford
- The Sales Tax Rate for Milford is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Milford is 9.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Milford
- The average income of a Milford resident is $25,204 a year. The US average is $28,555 a year.
- The Median household income of a Milford resident is $56,806 a year. The US average is $69,021 a year.