Lake Township (Lake County), MI is an attractive place to live as it offers much lower rental rates compared to the US. For instance, a two-bedroom apartment in Lake Township costs only $860 per month, while the same type of accommodation in the US would cost $1,430. In addition to this, groceries in Lake Township are significantly cheaper too with its Grocery Cost Index standing at 90 compared to 100 in the US.
The township is home to several thriving businesses such as Lakeside Bakery & Doughnuts, Heavens Landing Hotel & Conference Center and North Shore Marina. All these companies contribute heavily towards providing employment opportunities for locals and visitors alike. The fact that costs of living and operating business are relatively low makes Lake Township (Lake County), MI an ideal place for people who want to settle down or do business here.
Lake township (Lake County) has an unemployment rate of 8.4%. The US average is 6.0%.
Lake township (Lake County) 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 28.4%, which is lower than the US average of 33.5%.
Tax Rates for Lake township (Lake County)
- The Sales Tax Rate for Lake township (Lake County) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Lake township (Lake County) 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 Lake township (Lake County)
- The average income of a Lake township (Lake County) resident is $29,033 a year. The US average is $37,638 a year.
- The Median household income of a Lake township (Lake County) resident is $52,171 a year. The US average is $69,021 a year.