Canadian Lakes, MI is a nice small town located in North Central Michigan. It has a population of around 1,000 people. It is known for its beautiful lakes and scenery. Rent in Canadian Lakes is relatively low compared to other cities in the US, with 2 bedroom apartments renting at $850 per month compared to $1,430 across the nation. The grocery cost index is also lower than the national average at 94 versus 100.
Local businesses and companies that are based out of Canadian Lakes include Parkside Graphics, which offers custom screen printing and embroidery services; White Cloud Lawn & Landscape, which provides landscaping and lawn care services; Serenity Remodeling And Maintenance LLC., which specializes in home repairs; Stevens Bros Farm Inc., a family-run dairy farm; and Canadian Lakes Real Estate, which offers real estate services for buyers and sellers alike.
The economy of Canadian Lakes is largely driven by tourism as it is a popular destination for outdoor activities such as camping, fishing, boating, swimming, hiking and more. In addition to that the town has an active arts scene that brings in additional revenue from sales of artworks from local creators. Other industries such as agriculture, retail stores and service providers are also important contributors to the local economy.
Canadian Lakes has an unemployment rate of 7.0%. The US average is 6.0%.
Canadian Lakes 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 21.3%, which is lower than the US average of 33.5%.
Tax Rates for Canadian Lakes
- The Sales Tax Rate for Canadian Lakes is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Canadian Lakes 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 Canadian Lakes
- The average income of a Canadian Lakes resident is $32,158 a year. The US average is $28,555 a year.
- The Median household income of a Canadian Lakes resident is $61,875 a year. The US average is $69,021 a year.