Velma, OK is a small town located in Oklahoma. It is known for its low housing costs, with average two bedroom rent at only $730 compared to the US average of $1,430. Additionally, the grocery cost index in Velma is 88 versus 100 in the US. This makes it attractive for people looking for an affordable place to live. \nThe area has a variety of local businesses that serve the community. Some of these include Cadron Grocery Store, Major’s Paint and Body Shop, Moore’s Auto Supply store, Sandy's Diner and Garage Bar & Grill. All of these offer services or goods that are found locally and help keep money within the community.
Velma has an unemployment rate of 5.0%. The US average is 6.0%.
Velma has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 5.2%, which is lower than the US average of 33.5%.
Tax Rates for Velma
- The Sales Tax Rate for Velma is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Velma is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Velma
- The average income of a Velma resident is $22,477 a year. The US average is $28,555 a year.
- The Median household income of a Velma resident is $68,333 a year. The US average is $69,021 a year.