Colfax, Indiana (46035) is a small town with a population of less than 500 people. Located in Tipton County, it has a low cost of living compared to other parts of the United States. The average two-bedroom rent in Colfax is only $980 compared to $1,430 for comparable rentals across the United States. In addition, groceries are comparatively cheaper here too, with an index score of 92 versus 100 in the U.S. This affordability makes Colfax a great option for those looking for an affordable location to set down roots. \nThe local economy is mostly driven by agriculture and light industry. Nearby companies include Delphi Electronics & Safety which produces high-tech components for cars, as well as Purdue University College of Agriculture which offers educational opportunities and research on animal science and plant biology. With its low cost of living and steady job market, Colfax is an ideal spot for those looking to settle down affordably but still have access to good jobs with good wages.
Colfax (zip 46035) has an unemployment rate of 3.5%. The US average is 6.0%.
Colfax (zip 46035) has seen the job market decrease by -5.3% over the last year. Future job growth over the next ten years is predicted to be 29.3%, which is lower than the US average of 33.5%.
Tax Rates for Colfax (zip 46035)
- The Sales Tax Rate for Colfax (zip 46035) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Colfax (zip 46035) is 5.2%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Colfax (zip 46035)
- The average income of a Colfax (zip 46035) resident is $26,981 a year. The US average is $37,638 a year.
- The Median household income of a Colfax (zip 46035) resident is $64,934 a year. The US average is $69,021 a year.