Putnam, MI is a small town located in the Upper Peninsula of Michigan. It offers affordable living with an average two bedroom rent of $1,270 compared to the US average of $1,430. Groceries are also cheaper in Putnam then the national average, giving residents more money to spend on other necessities or leisure activities. The local economy is supported by businesses such as Putnam Outdoor & Recreation, an outdoor sporting goods store; S&S Plumbing and Heating, a plumbing and heating repair business; and Heartland Home Care Services, a home health care agency. Residents also have access to excellent medical services provided by Putnam County Medical Center.
Putnam has an unemployment rate of 3.3%. The US average is 6.0%.
Putnam has seen the job market decrease by -10.5% over the last year. Future job growth over the next ten years is predicted to be 38.8%, which is higher than the US average of 33.5%.
Tax Rates for Putnam
- The Sales Tax Rate for Putnam is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Putnam 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 Putnam
- The average income of a Putnam resident is $38,027 a year. The US average is $37,638 a year.
- The Median household income of a Putnam resident is $87,111 a year. The US average is $69,021 a year.