Otsego Lake, MI is a beautiful area located in Northern Michigan. It is known for its stunning views of the lake and lush forested areas. The cost of living in Otsego Lake is lower than the US average, with 2 bedroom rent costing on average $800 compared to $1,430 nationwide, and a grocery cost index of 92 compared to 100 in the US. Local companies include Shop & Save Financial Center which provides banking services and insurance, K&K Hardware which offers a variety of home improvement products, Otsego County Library which has books, movies and other media available to borrow, and East Side Garage offering auto repairs.
Otsego Lake has an unemployment rate of 6.9%. The US average is 6.0%.
Otsego Lake has seen the job market increase by 0.5% over the last year. Future job growth over the next ten years is predicted to be 27.7%, which is lower than the US average of 33.5%.
Tax Rates for Otsego Lake
- The Sales Tax Rate for Otsego Lake is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Otsego Lake 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 Otsego Lake
- The average income of a Otsego Lake resident is $28,759 a year. The US average is $28,555 a year.
- The Median household income of a Otsego Lake resident is $66,250 a year. The US average is $69,021 a year.