Shannon City, IA is an ideal small town for those looking for an affordable place to live. With two-bedroom rent at just $800 per month, the cost of living in Shannon City is significantly lower than the national average of $1,430 per month for two-bedroom apartments. Furthermore, grocery costs are also more affordable compared to the national average. This makes it a viable option for those on a budget as their money stretches much further here than in other parts of the country.
The local economy in Shannon City is strong and growing with many well-known companies such as Target, Walmart, and Macy's making their presence felt in the city. Other local businesses include The Coffee Shop (café), Wooden Shoe Bakery (bakery), and Ace Hardware (hardware store). With its low cost of living and wide variety of shops and restaurants, Shannon City is a great place to call home.
Shannon City has an unemployment rate of 4.8%. The US average is 6.0%.
Shannon City has seen the job market decrease by -0.6% over the last year. Future job growth over the next ten years is predicted to be 20.9%, which is lower than the US average of 33.5%.
Tax Rates for Shannon City
- The Sales Tax Rate for Shannon City is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Shannon City 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 Shannon City
- The average income of a Shannon City resident is $15,531 a year. The US average is $28,555 a year.
- The Median household income of a Shannon City resident is $57,500 a year. The US average is $69,021 a year.