The city of Southfield, MI (48034) is a beautiful yet bustling metropolitan area located in Oakland County. With a population of over 70,000 people, the cost of living here remains relatively affordable. The average rent for a two bedroom apartment in Southfield is $1,520, which is only slightly higher than the US average of $1,430 per month. Additionally, the Grocery Cost Index sits at 97 compared to 100 nationally.
In terms of local businesses around Southfield, there are several major companies that contribute to the city’s economy and provide employment opportunities for locals. These businesses include Beaumont Health Services, Bosch Automotive Service Solutions LLC, Lawrence Technological University and Blue Cross Blue Shield of Michigan.
Southfield (zip 48034) has an unemployment rate of 5.1%. The US average is 6.0%.
Southfield (zip 48034) 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 35.3%, which is higher than the US average of 33.5%.
Tax Rates for Southfield (zip 48034)
- The Sales Tax Rate for Southfield (zip 48034) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Southfield (zip 48034) 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 Southfield (zip 48034)
- The average income of a Southfield (zip 48034) resident is $28,391 a year. The US average is $28,555 a year.
- The Median household income of a Southfield (zip 48034) resident is $52,749 a year. The US average is $69,021 a year.