61488 Wataga, IL is a small town located in Knox County, Illinois. It has a population of approximately 500 people. The cost of living in the town is relatively low compared to other areas due to its low 2 bedroom rent which is $770 according to the content above. This allows local businesses to thrive as they are able to keep their costs down since they do not have to pay as much in wages. Grocery cost index in Wataga is 91 versus 100 in the US making it even cheaper for locals.
Some of the local companies that operate in Wataga include M&K Trucking Inc., VDM Farms, Anderson Lawn Care & Tree Service, and Blake’s Feed Store. These companies benefit from the affordable rent prices as well as lower grocery costs allowing them to continue offering competitively priced goods and services without having to increase prices for their customers due to high overhead expenses. Low housing costs also help attract employees who may be looking for more affordable options while maintaining a good quality of life.
Wataga (zip 61488) has an unemployment rate of 7.5%. The US average is 6.0%.
Wataga (zip 61488) has seen the job market decrease by -7.1% over the last year. Future job growth over the next ten years is predicted to be 16.6%, which is lower than the US average of 33.5%.
Tax Rates for Wataga (zip 61488)
- The Sales Tax Rate for Wataga (zip 61488) is 7.8%. The US average is 7.3%.
- The Income Tax Rate for Wataga (zip 61488) 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 Wataga (zip 61488)
- The average income of a Wataga (zip 61488) resident is $32,254 a year. The US average is $37,638 a year.
- The Median household income of a Wataga (zip 61488) resident is $65,313 a year. The US average is $69,021 a year.