Belknap, MI is a small city located in Michigan. It is well known for its excellent quality of life, offering a wide range of outdoor activities and places to explore. The cost of living in Belknap is quite affordable compared to many other areas in the country, with 2 bedroom rent averaging at around $850, while the US average stands at $1,430. This city also has a very low grocery cost index, coming in at 91 versus 100 in the US. There are plenty of local businesses that make up the area's economy such as Andoverwood Logging & Supply Company, Lighthouse Gowerage Services Inc., and Belknap Home Care Services LLC that provide quality services to residents and visitors alike. All of these factors make Belknap an ideal place to live or visit for anyone looking for an enjoyable experience with reasonable prices.
Belknap has an unemployment rate of 9.5%. The US average is 6.0%.
Belknap has seen the job market decrease by -3.9% over the last year. Future job growth over the next ten years is predicted to be 11.8%, which is lower than the US average of 33.5%.
Tax Rates for Belknap
- The Sales Tax Rate for Belknap is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Belknap 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 Belknap
- The average income of a Belknap resident is $25,124 a year. The US average is $37,638 a year.
- The Median household income of a Belknap resident is $46,250 a year. The US average is $69,021 a year.