Vermillion, SD is a small community located in Clay County. It is home to the University of South Dakota and several local businesses including First Dakota National Bank, Vermillion Federal Credit Union, Hy-Vee, and Lewis Drug. Rent prices are more affordable in Vermillion than many other places in the US; a 2 bedroom apartment costs around $680 per month while the national average is $1,430 per month. Grocery costs are also lower in Vermillion with an index score of 98 compared to 100 for the entire United States.
Vermillion has an unemployment rate of 2.7%. The US average is 6.0%.
Vermillion has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 33.3%, which is lower than the US average of 33.5%.
Tax Rates for Vermillion
- The Sales Tax Rate for Vermillion is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Vermillion 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 Vermillion
- The average income of a Vermillion resident is $17,454 a year. The US average is $28,555 a year.
- The Median household income of a Vermillion resident is $47,920 a year. The US average is $69,021 a year.