Farmington Hills, MI is a city located in the state of Michigan. It is a great place to live with its affordable 2 bedroom rent rate of $1,550 per month and relatively low grocery cost index at 99 as compared to the US average of 100. The city boasts several well-known corporations such as Triumph Group, Michigan Automotive Compressor Inc., and Cott Systems Inc. There is also an abundance of local shops and restaurants to explore when you are visiting or living in Farmington Hills. The city provides plenty of opportunities for recreation and relaxation, making it an ideal place to call home.
Farmington Hills has an unemployment rate of 2.3%. The US average is 6.0%.
Farmington Hills has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 39.0%, which is higher than the US average of 33.5%.
Tax Rates for Farmington Hills
- The Sales Tax Rate for Farmington Hills is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Farmington Hills is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Farmington Hills
- The average income of a Farmington Hills resident is $41,340 a year. The US average is $28,555 a year.
- The Median household income of a Farmington Hills resident is $93,434 a year. The US average is $69,021 a year.