Cornell, MI is a small town located in Michigan's Upper Peninsula. It offers an affordable cost of living compared to the national average. Two bedroom rent in Cornell, MI is $840, which is significantly lower than the US average of $1,430 for two bedrooms. This makes it a great spot for individuals or families looking for an affordable place to live. Additionally, the Grocery Cost Index in Cornell, MI is 92 versus 100 in the US which can provide considerable savings for residents of Cornell.
Local companies that offer affordable rental opportunities include Miller Rentals and Prestige Property Management. These companies provide rentals ranging from single family homes to apartments and cottages with rates being very competitive compared to other areas. The lower grocery cost index can also benefit local residents as it allows them to save money on their everyday groceries.
Cornell has an unemployment rate of 6.4%. The US average is 6.0%.
Cornell 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 20.5%, which is lower than the US average of 33.5%.
Tax Rates for Cornell
- The Sales Tax Rate for Cornell is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Cornell 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 Cornell
- The average income of a Cornell resident is $20,983 a year. The US average is $28,555 a year.
- The Median household income of a Cornell resident is $49,700 a year. The US average is $69,021 a year.