Torch Lake Township (Houghton County), MI is a great place to live for those looking for affordable living options. Rent for a two-bedroom home here is approximately $790, which is far below the US average of $1,430. Additionally, the Grocery Cost Index in this area is 91 compared to the US average of 100, further illustrating how much more affordable it can be than other areas.
The township is home to many businesses that make up its diverse economy. Companies like Torch Lake Manufacturing Co., Keweenaw Land Association Ltd., and Houghton National Bank offer employment opportunities and help contribute to the township’s economic wellbeing. With its low cost of living and strong local economy, Torch Lake Township (Houghton County), MI is an attractive place to call home.
Torch Lake township (Houghton County) has an unemployment rate of 5.4%. The US average is 6.0%.
Torch Lake township (Houghton County) has seen the job market decrease by -4.5% over the last year. Future job growth over the next ten years is predicted to be 23.9%, which is lower than the US average of 33.5%.
Tax Rates for Torch Lake township (Houghton County)
- The Sales Tax Rate for Torch Lake township (Houghton County) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Torch Lake township (Houghton County) 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 Torch Lake township (Houghton County)
- The average income of a Torch Lake township (Houghton County) resident is $33,603 a year. The US average is $37,638 a year.
- The Median household income of a Torch Lake township (Houghton County) resident is $53,854 a year. The US average is $69,021 a year.