Farmington Hills, MI (zip code 48331) is a great city to live in for those looking for a bustling metropolis. The 2 Bedroom rent in the area is $1,830, which is slightly higher than the US 2 Bedroom rent average of $1,430. Despite the slightly higher cost of living, Farmington Hills offers plenty of amenities and local businesses to take advantage of. The Grocery Cost Index here is 101 versus 100 in the US, so groceries are fairly inexpensive.
Local companies in Farmington Hills include DTE Energy, Gordon Food Service and Kingsley Mechanical Services. Residents can also take advantage of a variety of services such as Advanced Automotive Repair & Towing, Curtain Call Cleaners and Finkbeiner Heating & Cooling. With so many local businesses offering goods and services to meet everyone's needs, it's easy to see why people choose to live in this vibrant community.
Farmington Hills (zip 48331) has an unemployment rate of 2.3%. The US average is 6.0%.
Farmington Hills (zip 48331) has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 39.0%, which is higher than the US average of 33.5%.
Tax Rates for Farmington Hills (zip 48331)
- The Sales Tax Rate for Farmington Hills (zip 48331) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Farmington Hills (zip 48331) 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 Farmington Hills (zip 48331)
- The average income of a Farmington Hills (zip 48331) resident is $49,347 a year. The US average is $28,555 a year.
- The Median household income of a Farmington Hills (zip 48331) resident is $111,471 a year. The US average is $69,021 a year.