Loraine, IL (62349) is a great and affordable place to live. The two bedroom rent is only $820, which is much lower than the US average of $1,430. Additionally, the Grocery Cost Index in this area is 93 versus the US average of 100. All these factors make living in Loraine very attractive for people looking for an inexpensive and convenient place to stay. \nLoraine has many local businesses that benefit its community. Notable companies include True Value Hardware Store, T&R Auto Repair and Towing Service, J-Town Country Store, Larry's Small Engine Repair, and The Clothes Pin Boutique. These stores offer goods and services that help improve the quality of life for those who call Lorain their home.
Loraine (zip 62349) has an unemployment rate of 4.4%. The US average is 6.0%.
Loraine (zip 62349) has seen the job market decrease by -6.3% over the last year. Future job growth over the next ten years is predicted to be 28.6%, which is lower than the US average of 33.5%.
Tax Rates for Loraine (zip 62349)
- The Sales Tax Rate for Loraine (zip 62349) is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Loraine (zip 62349) 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 Loraine (zip 62349)
- The average income of a Loraine (zip 62349) resident is $28,259 a year. The US average is $37,638 a year.
- The Median household income of a Loraine (zip 62349) resident is $55,125 a year. The US average is $69,021 a year.