Norwood, Colorado is a small town with a population of 814. It is located in San Miguel County and offers a unique mix of rural living and convenience to larger cities like Telluride, Durango, and Montrose. The median 2 bedroom rent in Norwood is $1,680 while the national median is $1,430 which makes it an attractive option for those looking to save money on their housing costs. Additionally, the Grocery Cost Index for Norwood is 107 versus 100 nationally, making it slightly more expensive than other areas.
Norwood has many local businesses that benefit the community such as Norwood Pharmacy & General Store, Hotchkiss Hardware & Supply Co., N-Finity Apparel Company Inc., and more. With its strong economy and diverse businesses, Norwood continues to attract new residents each year.
Norwood (zip 81423) has an unemployment rate of 5.4%. The US average is 6.0%.
Norwood (zip 81423) has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 43.8%, which is higher than the US average of 33.5%.
Tax Rates for Norwood (zip 81423)
- The Sales Tax Rate for Norwood (zip 81423) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Norwood (zip 81423) is 4.6%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Norwood (zip 81423)
- The average income of a Norwood (zip 81423) resident is $31,641 a year. The US average is $28,555 a year.
- The Median household income of a Norwood (zip 81423) resident is $61,726 a year. The US average is $69,021 a year.