Southfield, MI is a popular city located in Oakland County. It has become increasingly desirable due to its strong economy and job market. Companies such as Beaumont Health, Lear Corporation, and Meadow Brook Hall have their headquarters in this city. The cost of living in Southfield is slightly higher than that of the US on average; for instance, 2 bedroom rent is $1,460 compared to the US average of $1,430. Furthermore, the Grocery Cost Index in Southfield is 96 versus 100 for the US. Despite this difference in costs, Southfield provides a great quality of life with its many amenities and cultural attractions.
Southfield has an unemployment rate of 5.1%. The US average is 6.0%.
Southfield has seen the job market decrease by -10.6% over the last year. Future job growth over the next ten years is predicted to be 35.3%, which is higher than the US average of 33.5%.
Tax Rates for Southfield
- The Sales Tax Rate for Southfield is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Southfield 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 Southfield
- The average income of a Southfield resident is $35,018 a year. The US average is $37,638 a year.
- The Median household income of a Southfield resident is $60,006 a year. The US average is $69,021 a year.