Oak Lake, SD is a small town with an estimated population of around 1,500 people. It is often described as a peaceful place to live and work with its low crime rate and friendly atmosphere. The cost of living in Oak Lake is quite affordable; the median two-bedroom rent is $850 compared to the US median of $1,430. Additionally, the Grocery Cost Index for Oak Lake stands at 99 compared to 100 in the US, indicating lower prices than average for grocery items.
The area is home to several local businesses including Oak Lake Lumber Company, which offers construction materials and services, FarmFresh Groceries & Produce that serves up fresh produce from local farms and stores like Sweetheart's Boutique that specialize in clothing and other retail items. There are also many restaurants serving delicious food like John's Diner and Joe's Pizza Parlor. Overall, Oak Lake provides its residents with an economical option for housing while still offering plenty of amenities to enjoy.
Oak Lake has an unemployment rate of 3.1%. The US average is 6.0%.
Oak Lake has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 29.6%, which is lower than the US average of 33.5%.
Tax Rates for Oak Lake
- The Sales Tax Rate for Oak Lake is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Oak Lake is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Oak Lake
- The average income of a Oak Lake resident is $41,247 a year. The US average is $28,555 a year.
- The Median household income of a Oak Lake resident is $86,250 a year. The US average is $69,021 a year.