Elwood, UT is a small community located in eastern Utah. Though it has a population of only 2,000 people, it has many local companies and an active economy. Local businesses include Elwood Hardware Store, Elwood General Store, and Elwood Auto Repair. The economy of Elwood is mainly dominated by the agricultural industry as the state of Utah is home to some of the most fertile lands in the United States. The cost of living in Elwood is relatively low compared to other parts of the country - for instance, rent for two bedrooms averages at $920 compared to the US average of $1,430 and grocery costs index at 92 rather than 100 nationwide. All in all, Elwood offers an affordable living experience with plenty of economic prospects.
Elwood has an unemployment rate of 2.5%. The US average is 6.0%.
Elwood has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 39.8%, which is higher than the US average of 33.5%.
Tax Rates for Elwood
- The Sales Tax Rate for Elwood is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Elwood 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 Elwood
- The average income of a Elwood resident is $24,034 a year. The US average is $28,555 a year.
- The Median household income of a Elwood resident is $93,068 a year. The US average is $69,021 a year.