The Minneapolis-St. Paul-Bloomington, MN Metro Area is a vibrant and diverse community with many local businesses operating in the area. Large companies like Target, Best Buy, 3M, Cargill, General Mills, United Health Group, Allianz Life Insurance Company are just some of the well-known names that have their headquarters in this area. The cost of living in Minneapolis-St. Paul-Bloomington is slightly higher than the national average. The two bedroom rent here is $1,400 compared to $1,430 in other parts of the US while grocery costs are 101 versus 100 nationally. This makes it an attractive place for people looking for more affordable housing and higher wages from these major corporations.
Minneapolis-St. Paul-Bloomington Metro Area has an unemployment rate of 4.3%. The US average is 6.0%.
Minneapolis-St. Paul-Bloomington Metro Area 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 36.5%, which is higher than the US average of 33.5%.
Tax Rates for Minneapolis-St. Paul-Bloomington Metro Area
- The Sales Tax Rate for Minneapolis-St. Paul-Bloomington Metro Area is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Minneapolis-St. Paul-Bloomington Metro Area 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 Minneapolis-St. Paul-Bloomington Metro Area
- The average income of a Minneapolis-St. Paul-Bloomington Metro Area resident is $34,593 a year. The US average is $28,555 a year.
- The Median household income of a Minneapolis-St. Paul-Bloomington Metro Area resident is $87,397 a year. The US average is $69,021 a year.