Fosston, MN is a small city located in the northwest of Minnesota. It has a population of approximately 2,600 people and is known for its strong sense of community and its close proximity to many outdoor activities. The cost of living is quite low in Fosston with an average 2 bedroom rent being $870 compared to the US average at $1,430. The Grocery Cost Index in Fosston is also much lower than the US at 96 versus 100.
Fosston has plenty to offer residents with many locally owned businesses that provide goods and services to the community. Some popular companies include Kateri’s Boutique which provides clothing and accessories, B & J Small Engine Repair for equipment repairs, and Blush Nails for beauty services. These businesses are all located within Fosston's downtown center, providing a unique small town atmosphere where residents can get their shopping done without having to venture too far from home.
Fosston has an unemployment rate of 4.9%. The US average is 6.0%.
Fosston has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 24.2%, which is lower than the US average of 33.5%.
Tax Rates for Fosston
- The Sales Tax Rate for Fosston is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Fosston is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Fosston
- The average income of a Fosston resident is $21,166 a year. The US average is $28,555 a year.
- The Median household income of a Fosston resident is $44,276 a year. The US average is $69,021 a year.