Albert Lea, MN is a small city in southern Minnesota. It has a population of around 18,500 people and offers an affordable cost of living. The average 2 bedroom rent in Albert Lea is $900, which is much lower than the national average of $1,430. Additionally, the Grocery Cost Index in Albert Lea is 94 versus 100 in the US, making it a great choice for those on a budget. \nThe city has many well-known local companies including JBS USA, Osmundson Manufacturing Company and A-Tec Industries Incorporated. For visitors looking to experience Albert Lea there are numerous attractions such as Myre Big Island State Park, Greater YMCA of Albert Lea and Freeborn County Historical Museum. Overall this city offers lower prices on rent and groceries along with plenty of different ways to explore its history and enjoy the outdoors.
Albert Lea has an unemployment rate of 4.5%. The US average is 6.0%.
Albert Lea has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 22.6%, which is lower than the US average of 33.5%.
Tax Rates for Albert Lea
- The Sales Tax Rate for Albert Lea is 7.9%. The US average is 7.3%.
- The Income Tax Rate for Albert Lea 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 Albert Lea
- The average income of a Albert Lea resident is $24,340 a year. The US average is $28,555 a year.
- The Median household income of a Albert Lea resident is $51,047 a year. The US average is $69,021 a year.