Farmington Hills, MI is a vibrant community with a population of 48336 people. It is located just outside of Detroit and is known for its strong economy. There are many local companies in Farmington Hills that contribute to the area's economic success. For example, Beaumont Health, Bosch Group, Kellogg Company, Ford Motor Company, and Quicken Loans all have major operations in the city. Additionally, 2 Bedroom Rent in Farmington Hills is $1,140 which is lower than the US average of $1,430 and Grocery Cost Index is 97 versus 100 in the US - making it an affordable place to live for those looking for quality housing at an affordable price.
Farmington Hills (zip 48336) has an unemployment rate of 2.3%. The US average is 6.0%.
Farmington Hills (zip 48336) has seen the job market decrease by -10.6% over the last year. Future job growth over the next ten years is predicted to be 39.0%, which is higher than the US average of 33.5%.
Tax Rates for Farmington Hills (zip 48336)
- The Sales Tax Rate for Farmington Hills (zip 48336) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Farmington Hills (zip 48336) is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Farmington Hills (zip 48336)
- The average income of a Farmington Hills (zip 48336) resident is $42,169 a year. The US average is $37,638 a year.
- The Median household income of a Farmington Hills (zip 48336) resident is $77,993 a year. The US average is $69,021 a year.