Elm River, MI is a small town in the state of Michigan. It is known for its low cost of living and great quality of life. The average rent for a two bedroom apartment in Elm River is $840, which is significantly lower than the national average of $1,430. Accompanying this affordable housing cost is a Grocery Cost Index of 91 relative to the US index of 100, making groceries much more affordable in Elm River.
The town also has a variety of businesses that bring it economic stability and a healthy job market. Companies like Elm River Motors, Elm River Bank & Trust, Elm River Pharmacy, and Maloney & Sons Electrical Co are all popular establishments around town that help keep the area thriving. In addition to these local companies, many large corporations have set up offices or factories nearby as well adding to the economic stability of the region.
Elm River has an unemployment rate of 5.4%. The US average is 6.0%.
Elm River has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 23.9%, which is lower than the US average of 33.5%.
Tax Rates for Elm River
- The Sales Tax Rate for Elm River is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Elm River 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 Elm River
- The average income of a Elm River resident is $37,637 a year. The US average is $28,555 a year.
- The Median household income of a Elm River resident is $70,625 a year. The US average is $69,021 a year.