Walloon Lake, MI is a quaint village located in Northern Michigan. It is known for its beautiful lake and surrounding forests that draw campers, hikers, and outdoor enthusiasts to the area. The local economy is largely centered around tourism, with some small businesses such as restaurants, retail stores, and marinas that dot the shoreline. The cost of living in Walloon Lake is significantly lower than the national average; 2 bedroom rent averages $730 per month compared to the US average of $1,430. Grocery costs are also lower at a cost index of 100 versus 100 in the US. This makes Walloon Lake an ideal spot for people looking for an affordable rural escape from major cities.
Walloon Lake has an unemployment rate of 6.7%. The US average is 6.0%.
Walloon Lake has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 25.5%, which is lower than the US average of 33.5%.
Tax Rates for Walloon Lake
- The Sales Tax Rate for Walloon Lake is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Walloon 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 Walloon Lake
- The average income of a Walloon Lake resident is $36,010 a year. The US average is $28,555 a year.
- The Median household income of a Walloon Lake resident is $73,917 a year. The US average is $69,021 a year.