Drakes Branch, VA is a small town in the US with approximately 500 residents. It is located in Charlotte County, with easy access to nearby towns like Keysville and Brookneal. The cost of living in Drakes Branch is relatively low compared to the US average. The 2 bedroom rent is only $790 per month, which is significantly lower than the national average of $1,430 per month for similar dwellings. Additionally, the Grocery Cost Index in Drakes Branch is 94 versus 100 in the US.
The local economy of Drakes Branch relies heavily on agriculture as well as businesses such as gas stations, restaurants and other local shops. There are also several attractions around the area including Pony Pasture Park, Meherrin River Park and Alpaca Country Estates alpaca farm. In terms of housing trends in Drakes Branch, there are mostly single-family homes available for purchase or rent but some apartment complexes have recently been built near the downtown area.
Drakes Branch has an unemployment rate of 5.2%. The US average is 6.0%.
Drakes Branch has seen the job market increase by 0.2% over the last year. Future job growth over the next ten years is predicted to be 26.7%, which is lower than the US average of 33.5%.
Tax Rates for Drakes Branch
- The Sales Tax Rate for Drakes Branch is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Drakes Branch is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Drakes Branch
- The average income of a Drakes Branch resident is $16,714 a year. The US average is $28,555 a year.
- The Median household income of a Drakes Branch resident is $21,250 a year. The US average is $69,021 a year.