New Lothrop, MI is a charming small town located in Michigan. It has a great cost of living, with 2 bedroom rents being only $810 compared to the US average at $1,430. Grocery Cost Index here is 94 versus 100 in the US. This makes it an affordable place to live and set down roots for individuals and families alike. There are several companies that have originated here such as New Lothrop Grain & Feed Co., New Lothrop Automotive Repair and the New Lothrop Historical Society which focus on local history. There are also plenty of recreational activities available in this area such as fishing at Sycamore Park, golfing at Spalding Lake Golf Course, or exploring wildlife at Lobdell Lake Nature Preserve. With its affordable cost of living and various recreational opportunities, New Lothrop is a wonderful place to call home!
New Lothrop has an unemployment rate of 5.6%. The US average is 6.0%.
New Lothrop has seen the job market decrease by -7.0% over the last year. Future job growth over the next ten years is predicted to be 28.8%, which is lower than the US average of 33.5%.
Tax Rates for New Lothrop
- The Sales Tax Rate for New Lothrop is 6.0%. The US average is 7.3%.
- The Income Tax Rate for New Lothrop 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 New Lothrop
- The average income of a New Lothrop resident is $34,151 a year. The US average is $37,638 a year.
- The Median household income of a New Lothrop resident is $69,063 a year. The US average is $69,021 a year.