Collegeville, MN is a great place to live due to its affordable cost of living. The average 2 bedroom rent in Collegeville, MN is $980 which is significantly lower than the US average of $1,430. In addition, the Grocery Cost Index in Collegeville, MN is 99 versus 100 in the US, making groceries more accessible. The city has several local companies that contribute to this low cost of living including Target Corporation and CHS Incorporated. These businesses offer competitive wages, providing residents with higher potential earnings and more spending power. Furthermore, with its convenient location near major cities such as Minneapolis and St Paul and other nearby attractions like Valleyfair Amusement Park and Mall of America tourists are regular visitors to Collegeville bringing in additional revenue for businesses in the area.
Collegeville has an unemployment rate of 4.7%. The US average is 6.0%.
Collegeville has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Collegeville
- The Sales Tax Rate for Collegeville is 7.6%. The US average is 7.3%.
- The Income Tax Rate for Collegeville 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 Collegeville
- The average income of a Collegeville resident is $26,179 a year. The US average is $28,555 a year.
- The Median household income of a Collegeville resident is $106,000 a year. The US average is $69,021 a year.