Laurium, MI is a small city located in Michigan's Upper Peninsula. It is known for its beautiful views of Lake Superior and local businesses that offer a variety of services to its residents. The cost of living in Laurium is roughly 11% lower than the national average. For example, the rent for a two bedroom apartment is approximately $850 per month compared to the national average of $1,430. Additionally, grocery prices are also lower with an index rating of 89 as opposed to 100 at the national level. Some popular local companies in Laurium include Laurium Hardware, Bluffs Bar & Grill, and the Keweenaw Mountain Lodge, which offers outdoor recreation activities and lodging for visitors to enjoy.
Laurium has an unemployment rate of 5.4%. The US average is 6.0%.
Laurium 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 Laurium
- The Sales Tax Rate for Laurium is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Laurium 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 Laurium
- The average income of a Laurium resident is $23,107 a year. The US average is $37,638 a year.
- The Median household income of a Laurium resident is $38,333 a year. The US average is $69,021 a year.