Minnetonka, MN is a thriving city with plenty of amenities. Notable companies in the area include UnitedHealth Group, Cargill, and Target Corporation. The cost of living in Minnetonka is slightly higher than the national average with a 2 bedroom rent being $1,740 compared to $1,430 nationally. The grocery cost index is also higher at 104, whereas it is a 100 throughout the US. Despite this higher cost of living, Minnetonka remains an attractive place to live with its many businesses and services.
Minnetonka has an unemployment rate of 3.3%. The US average is 6.0%.
Minnetonka has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 38.4%, which is higher than the US average of 33.5%.
Tax Rates for Minnetonka
- The Sales Tax Rate for Minnetonka is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Minnetonka 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 Minnetonka
- The average income of a Minnetonka resident is $48,600 a year. The US average is $28,555 a year.
- The Median household income of a Minnetonka resident is $106,023 a year. The US average is $69,021 a year.