Lexington, MI is a small city with a population of around 8,000 citizens. The cost of living in the area is relatively low compared to the national average. For instance, rent for two-bedroom properties is $840 per month while the US average is $1,430. Furthermore, grocery costs index in Lexington are 93 versus 100 nationally.
Lexington is known for its scenic beauty and outdoor activities; it’s ideal for nature lovers as well as water sports enthusiasts. Businesses in and around Lexington include manufacturing companies such as Bae Systems Automotive and automotive supply firms like American Axle & Manufacturing and Magna Mirrors of America Inc., among others.
Lexington has an unemployment rate of 6.4%. The US average is 6.0%.
Lexington has seen the job market decrease by -5.5% over the last year. Future job growth over the next ten years is predicted to be 23.1%, which is lower than the US average of 33.5%.
Tax Rates for Lexington
- The Sales Tax Rate for Lexington is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Lexington 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 Lexington
- The average income of a Lexington resident is $33,451 a year. The US average is $37,638 a year.
- The Median household income of a Lexington resident is $39,375 a year. The US average is $69,021 a year.