Norwood, MI is an affordable city that offers a great quality of life for residents. The average two bedroom rent in Norwood is $900 compared to the US average of $1,430. Grocery cost index in Norwood is 95 versus 100 in the US, making it a great place to save money. Local businesses worth mentioning include Rebel Reclaimed, Woodsmiths of Michigan and Norwood Bar & Grill. With its low cost of living and access to amenities, Norwood makes for an ideal place to call home.
Norwood has an unemployment rate of 6.7%. The US average is 6.0%.
Norwood has seen the job market decrease by -7.4% over the last year. Future job growth over the next ten years is predicted to be 25.5%, which is lower than the US average of 33.5%.
Tax Rates for Norwood
- The Sales Tax Rate for Norwood is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Norwood 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 Norwood
- The average income of a Norwood resident is $37,430 a year. The US average is $37,638 a year.
- The Median household income of a Norwood resident is $73,750 a year. The US average is $69,021 a year.