Albion, MI is a small community located in southern Michigan known for its strong economy and friendly atmosphere. The cost of living in Albion is quite low with a two bedroom rent averaging at $880 compared to the US average of $1,430. Furthermore, the grocery cost index in Albion is 91 out of 100 when compared to the national index. This makes groceries much more affordable and often contributes to a lower overall cost of living in Albion. The city is home to numerous local companies such as Denso Manufacturing Michigan Inc., Albion College, and True Temper Sports which employ many members of the community.
Albion has an unemployment rate of 6.4%. The US average is 6.0%.
Albion has seen the job market increase by 0.1% over the last year. Future job growth over the next ten years is predicted to be 22.8%, which is lower than the US average of 33.5%.
Tax Rates for Albion
- The Sales Tax Rate for Albion is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Albion is 5.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Albion
- The average income of a Albion resident is $14,314 a year. The US average is $28,555 a year.
- The Median household income of a Albion resident is $36,891 a year. The US average is $69,021 a year.