Bingham Farms, Michigan is a small yet vibrant suburb located within Oakland County. The area is known for its excellent schools, parks, and recreation centers. Despite being a smaller community, Bingham Farms offers a wide variety of shopping, dining, and entertainment options. Some of the most popular local companies include upscale department stores like Saks Fifth Avenue and Nordstrom’s Rack as well as other popular retailers such as Trader Joe’s and Whole Foods Market. When it comes to housing costs in Bingham Farms, 2-bedroom rent averages around $1,740 per month which is slightly higher than the US average of $1,430. Additionally, the grocery cost index in Bingham Farms is 103 versus 100 in the US which means that groceries may be slightly more expensive in Bingham Farms on average compared to other places in the country. Overall, Bingham Farms has an attractive cost of living with numerous amenities making it a great place to live for many families.
Bingham Farms has an unemployment rate of 3.5%. The US average is 6.0%.
Bingham Farms 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 38.0%, which is higher than the US average of 33.5%.
Tax Rates for Bingham Farms
- The Sales Tax Rate for Bingham Farms is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Bingham Farms 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 Bingham Farms
- The average income of a Bingham Farms resident is $64,777 a year. The US average is $28,555 a year.
- The Median household income of a Bingham Farms resident is $180,192 a year. The US average is $69,021 a year.