Summit, ND is a small rural town located in the mid-west region of the United States. It has a population size that is not reported and two bedroom rent prices are significantly lower than the national average. More specifically, Summit's 2 bedroom rent price of $840 is approximately 41% lower than the national average of $1,430. Additionally, Summit's grocery cost index of 95 is 5 points below the US average of 100.
Summit enjoys an economic climate driven by local business owners and agriculture. Popular businesses in Summit include Lakeside Feed & Seed (LF&S), a farm supply store with pet food, gardening supplies, feed for livestock, and more; U Lube Auto Service Center, providing oil changes, brake pad replacements and tune ups; and Sub Zero Snow & Ice Removal LLC providing residential snow plowing services throughout winter.
Summit has an unemployment rate of 3.5%. The US average is 6.0%.
Summit has seen the job market decrease by -2.5% over the last year. Future job growth over the next ten years is predicted to be 25.1%, which is lower than the US average of 33.5%.
Tax Rates for Summit
- The Sales Tax Rate for Summit is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Summit is 2.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Summit
- The average income of a Summit resident is $37,068 a year. The US average is $37,638 a year.
- The Median household income of a Summit resident is $102,639 a year. The US average is $69,021 a year.