Cornell, Michigan, is a small rural community located in the Upper Peninsula of Michigan. It has a population of 49818 people and is known for its affordability in terms of housing and everyday living costs. The average two bedroom rent in Cornell is $830 which is significantly lower than the US average of $1,430. Additionally, the grocery cost index in Cornell is 92 versus 100 in the US making it an affordable place to live.
The city has many local businesses that are important to the economy such as Twin Lakes Market which offers fresh produce and meats, Keweenaw Transport for shipping services, Great Lakes Machine Company offering machine services and repair, Northern Auto Parts providing automotive parts and services and Northern Lights Broadcasting with radio programming. All these companies have helped make Cornell a thriving community with affordable amenities that add to its quality of life.
Cornell (zip 49818) has an unemployment rate of 6.4%. The US average is 6.0%.
Cornell (zip 49818) has seen the job market decrease by -4.9% over the last year. Future job growth over the next ten years is predicted to be 20.5%, which is lower than the US average of 33.5%.
Tax Rates for Cornell (zip 49818)
- The Sales Tax Rate for Cornell (zip 49818) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Cornell (zip 49818) is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Cornell (zip 49818)
- The average income of a Cornell (zip 49818) resident is $30,927 a year. The US average is $37,638 a year.
- The Median household income of a Cornell (zip 49818) resident is $51,429 a year. The US average is $69,021 a year.