Peninsula, MI is a small community located in the Great Lakes region. It has an estimated population of roughly 6 thousand people, and offers its residents a cozy atmosphere to enjoy their day to day lives. The cost of living in Peninsula is very affordable, with 2 Bedroom Rent averaging $1,120 per month compared to $1,430 nationally. Grocery Cost Index is also lower than the national average at 97 versus 100 in the US. Local companies in Peninsula include Peninsula Co-op, Dewitts Market & Meats, and Hillman's True Value Hardware Store. These businesses provide jobs and services unique to the area that help keep Peninsula a thriving community.
Peninsula has an unemployment rate of 5.7%. The US average is 6.0%.
Peninsula has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 34.7%, which is higher than the US average of 33.5%.
Tax Rates for Peninsula
- The Sales Tax Rate for Peninsula is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Peninsula 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 Peninsula
- The average income of a Peninsula resident is $49,189 a year. The US average is $28,555 a year.
- The Median household income of a Peninsula resident is $112,375 a year. The US average is $69,021 a year.