Lake City, Michigan (49651) is a small town with a population of 1,144. The cost of living in Lake City is lower than the U.S. average index due to its low 2 Bedroom rent at $850 compared to $1,430 nationally. Similarly, locals benefit from the Grocery Cost Index being 91 versus 100 in the US. In addition to these benefits, local businesses are thriving. There are many restaurants and shops downtown such as Miller's Pharmacy, Northland Dairy Bar & Grill, and Frisbie Dry Goods Co.. Residents can also take advantage of unique amenities such as hiking trails and pick-your-own farms like Hayhoe Family Farms. Overall, Lake City offers an affordable cost of living with plenty of opportunities for outdoor recreation and local commerce.
Lake City (zip 49651) has an unemployment rate of 6.2%. The US average is 6.0%.
Lake City (zip 49651) has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 25.7%, which is lower than the US average of 33.5%.
Tax Rates for Lake City (zip 49651)
- The Sales Tax Rate for Lake City (zip 49651) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Lake City (zip 49651) 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 Lake City (zip 49651)
- The average income of a Lake City (zip 49651) resident is $19,772 a year. The US average is $28,555 a year.
- The Median household income of a Lake City (zip 49651) resident is $50,481 a year. The US average is $69,021 a year.