Algonac, MI is an affordable city for those who are looking to rent or purchase property. The average 2 bedroom rent in Algonac costs $1,190 which is significantly lower than the US average of $1,430. Grocery costs in Algonac also have a much lower rate than the US with a grocery cost index of 95 opposed to 100. Some local companies that operate in Algonac include K&K Marine, Inc., Martin Brothers Marine Construction, and Ted's Plumbing & Heating. Compared to the US, Algonac offers more cost-effective living options.
Algonac has an unemployment rate of 4.5%. The US average is 6.0%.
Algonac has seen the job market increase by 0.2% over the last year. Future job growth over the next ten years is predicted to be 34.8%, which is higher than the US average of 33.5%.
Tax Rates for Algonac
- The Sales Tax Rate for Algonac is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Algonac 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 Algonac
- The average income of a Algonac resident is $25,639 a year. The US average is $28,555 a year.
- The Median household income of a Algonac resident is $49,306 a year. The US average is $69,021 a year.