Martin, MI is a small city located in the southwest corner of Michigan and boasts many local businesses that have been around for decades. Companies such as Martin Lumber Co, Woodland Motors, and Tri County Electric all contribute to the economy of Martin. Cost of living in the area is relatively low compared to other regions in the United States with a two-bedroom rent of $1,000 versus $1,430 nationally and a grocery cost index of 94 compared to 100 nationally. As such, residents can enjoy the amenities that come from living near Detroit while still maintaining affordability.
Martin has an unemployment rate of 5.1%. The US average is 6.0%.
Martin has seen the job market decrease by -4.8% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
Tax Rates for Martin
- The Sales Tax Rate for Martin is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Martin 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 Martin
- The average income of a Martin resident is $30,178 a year. The US average is $37,638 a year.
- The Median household income of a Martin resident is $48,125 a year. The US average is $69,021 a year.