61016 Cherry Valley, IL is a small town located in Winnebago County with an estimated population of 1,038. The average 2 bedroom rent in 61016 Cherry Valley is significantly lower than the national average, at $870 compared to $1,430. Grocery expenses are also lower than the US average, with a Grocery Cost Index of 93 versus 100 in the US. \nThe local economy is anchored by several major companies including A&R Tool & Engineering Co., Riverside Automotive Group and Advanced Machine Company. These businesses provide jobs for many local residents making it easier for families and individuals to make ends meet while enjoying a relatively low cost of living compared to other parts of the nation.
Cherry Valley (zip 61016) has an unemployment rate of 8.1%. The US average is 6.0%.
Cherry Valley (zip 61016) has seen the job market increase by 2.6% over the last year. Future job growth over the next ten years is predicted to be 23.5%, which is lower than the US average of 33.5%.
Tax Rates for Cherry Valley (zip 61016)
- The Sales Tax Rate for Cherry Valley (zip 61016) is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Cherry Valley (zip 61016) 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 Cherry Valley (zip 61016)
- The average income of a Cherry Valley (zip 61016) resident is $34,009 a year. The US average is $28,555 a year.
- The Median household income of a Cherry Valley (zip 61016) resident is $87,153 a year. The US average is $69,021 a year.