Northwood, IA is a small city located in northern Iowa with a population of just over 1,000 people. The cost of living is relatively low compared to the rest of the United States with 2 bedroom apartments renting for $810 compared to $1,430 nationally. The local grocery cost index also reflects a lower cost of living at 93 versus 100 nationally. Local companies include Northwood Auto Supply, Northwood Bank, and Northwood Implement Co., which are all based in the area. Overall, Northwood is an affordable city with different businesses offering services to its citizens.
Northwood has an unemployment rate of 4.7%. The US average is 6.0%.
Northwood 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 27.6%, which is lower than the US average of 33.5%.
Tax Rates for Northwood
- The Sales Tax Rate for Northwood is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Northwood 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 Northwood
- The average income of a Northwood resident is $31,145 a year. The US average is $37,638 a year.
- The Median household income of a Northwood resident is $62,045 a year. The US average is $69,021 a year.