Hancock, MI is a charming small town located in the Upper Peninsula of Michigan. It is known for its scenic nature and outdoor recreational activities such as skiing, snowmobiling, and fishing on the nearby Keweenaw Waterway. Apart from its natural beauty, Hancock also has an affordable cost of living with 2 bedroom rent at just $800 compared to the US average of $1,430. Additionally, its grocery cost index is 92 versus the US average of 100 making it an even more attractive place for people to live. Hancock is currently home to many businesses including Keweenaw Brewing Company which offers craft beer brewed with locally sourced grains and seasonal ingredients; the Copper Island Printing Company which specializes in custom printing services; and J&M Meats which offers premium quality meat products to customers across Michigan. These companies are vital components that help make Hancock a great place to live by providing residents with necessary consumer goods and services as well as employment opportunities.
Hancock has an unemployment rate of 5.4%. The US average is 6.0%.
Hancock 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 Hancock
- The Sales Tax Rate for Hancock is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Hancock 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 Hancock
- The average income of a Hancock resident is $22,442 a year. The US average is $28,555 a year.
- The Median household income of a Hancock resident is $43,514 a year. The US average is $69,021 a year.