Hayfield Township, MN is a small town located in Olmsted County. It is an affluent area with a low unemployment rate and a strong economic base. The median 2 bedroom rent in the area is only $1,010 which is much lower than the US median of $1,430 per month. The grocery cost index in Hayfield Township is also lower than the US average at 98 versus 100. This makes it a great location for anyone on a budget. \nThe local economy is mainly comprised of small businesses and service-based companies such as restaurants, retail stores, medical offices, hair salons, and auto mechanic shops. There are also several larger businesses based out of Hayfield Township such as Frito Lay, Mayo Clinic Health Systems and G&K Services. These companies provide numerous employment opportunities to local residents and contribute to the economic stability of the community.
Hayfield township has an unemployment rate of 4.9%. The US average is 6.0%.
Hayfield township 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 30.4%, which is lower than the US average of 33.5%.
Tax Rates for Hayfield township
- The Sales Tax Rate for Hayfield township is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Hayfield township 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 Hayfield township
- The average income of a Hayfield township resident is $41,519 a year. The US average is $28,555 a year.
- The Median household income of a Hayfield township resident is $110,625 a year. The US average is $69,021 a year.