Lafayette, MI Economy


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Lafayette, MI is a charming small town located in the Mid-West region of the United States. It is known for its friendly atmosphere and vibrant community. With easy access to nearby cities such as Detroit and Grand Rapids, Lafayette offers plenty of amenities to residents. The town also boasts a number of local businesses, such as Lafayette Auto Parts, Lafayette Dental Care, and more. The cost of living in Lafayette is quite affordable with rent being significantly lower than the US average. 2 Bedroom rental costs in Lafayette are $1,040 per month versus $1,430 across the US. Grocery costs are also lower with an index score of 91 compared to 100 nationally. All these factors make Lafayette an ideal place to live for those looking for a low cost of living without sacrificing quality of life or convenience.

Lafayette has an unemployment rate of 5.6%. The US average is 6.0%.

Lafayette 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 20.5%, which is lower than the US average of 33.5%.

Tax Rates for Lafayette
- The Sales Tax Rate for Lafayette is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Lafayette 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 Lafayette
- The average income of a Lafayette resident is $31,489 a year. The US average is $37,638 a year.
- The Median household income of a Lafayette resident is $62,308 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomyLafayette, MichiganUnited States
  5.66
  -4.5%-6.2%
  20.5%33.5%
  6.0%6.2%
  4.3%4.6%
  $31,489$37,638
  $62,308$69,021
  $71,797$85,028
  Population by Occupation
  10.5%1.2%
  0.0%0.5%
  8.1%6.8%
  11.4%10.0%
  1.0%2.5%
  17.1%11.0%
  4.3%4.8%
  0.0%0.8%
  0.0%1.9%
  3.3%4.7%
  0.0%1.9%
  3.3%7.6%
  0.0%0.1%
  6.2%4.2%
  2.4%9.3%
  17.1%14.0%
  0.0%2.1%
  1.4%7.0%
  7.1%4.8%
  6.7%4.7%
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