Hancock Township, MI is a small town in Michigan with a population of just over 6,000 people. It is known for its rural charm and close-knit community atmosphere. The rental rate for two bedroom units in Hancock Township is $810, which is about 42% lower than the national average rent rate of $1,430. The grocery cost index in Hancock Township is 92 versus 100 nationally. In other words, grocery items in Hancock Township are 8% cheaper than the average item in the US.
Hancock Township has many local businesses such as Keweenaw Electric Company, Jim's Auto Repair & Towing, Front Porch Farms Market & Café, and Superior National Bank & Trust Company of Hancock. These companies serve as economic anchors to their community providing employment opportunities and goods/services to its citizens. Although there may be more expensive places to live across the US when compared to Hancock township, it does offer a very affordable cost of living that could be beneficial for those looking for affordability without sacrificing quality of life.
Hancock township has an unemployment rate of 5.4%. The US average is 6.0%.
Hancock township has seen the job market decrease by -4.5% 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 township
- The Sales Tax Rate for Hancock township is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Hancock township 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 township
- The average income of a Hancock township resident is $30,848 a year. The US average is $37,638 a year.
- The Median household income of a Hancock township resident is $73,750 a year. The US average is $69,021 a year.