Elkton, TN is a small town with an affordable cost of living. The median two-bedroom rent for Elkton stands at $780 which is less than half the rental price of the national average of $1,430. The Grocery Cost Index in Elkton is also lower than the national average, at 94 versus 100. This low cost of living makes it attractive to many businesses. Local companies like JK&S Auto Supply and Mather’s Pawnshop are popular options in the community due to their affordability and commitment to providing quality goods and services. Moreover, residents benefit from local organizations like The Elkton Food Bank that serves 3,000 people a year with food assistance. All these factors make Elkton a great place to live for those looking for a budget-friendly lifestyle.
Elkton has an unemployment rate of 4.8%. The US average is 6.0%.
Elkton has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 44.9%, which is higher than the US average of 33.5%.
Tax Rates for Elkton
- The Sales Tax Rate for Elkton is 9.5%. The US average is 7.3%.
- The Income Tax Rate for Elkton 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 Elkton
- The average income of a Elkton resident is $22,939 a year. The US average is $28,555 a year.
- The Median household income of a Elkton resident is $48,438 a year. The US average is $69,021 a year.