Otter Lake, MI offers a great quality of life for those looking for a more affordable lifestyle. The cost of rent for a two bedroom is only $1,030 which is much lower than the US average of $1,430. Additionally, grocery costs in Otter Lake are lower than the national average with an index score of 94. Local businesses such as Lucky’s Grocery Store and Otter Lake Hardware provide residents with essential services and goods at competitive prices. Overall, Otter Lake has been deemed one of the most affordable places to live in Michigan due to its low cost housing and overall daily expenses.
Otter Lake has an unemployment rate of 4.9%. The US average is 6.0%.
Otter Lake has seen the job market decrease by -10.4% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Otter Lake
- The Sales Tax Rate for Otter Lake is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Otter 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 Otter Lake
- The average income of a Otter Lake resident is $26,285 a year. The US average is $37,638 a year.
- The Median household income of a Otter Lake resident is $42,292 a year. The US average is $69,021 a year.