Elmwood, MN is a small town with a population of around 10,000 people. It offers an affordable cost of living compared to the national average. Rent for two-bedroom apartments is $840 compared to $1,430 for the US as a whole. The grocery cost index in Elmwood is 99 versus 100 in the US. Local businesses include Elmwood Family Pharmacy, Valley Financial Services, and Elmwood Dry Cleaners. With its low housing costs and local amenities, Elmwood offers an attractive place to live for many families.
Elmwood has an unemployment rate of 3.8%. The US average is 6.0%.
Elmwood has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 29.1%, which is lower than the US average of 33.5%.
Tax Rates for Elmwood
- The Sales Tax Rate for Elmwood is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Elmwood 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 Elmwood
- The average income of a Elmwood resident is $27,274 a year. The US average is $28,555 a year.
- The Median household income of a Elmwood resident is $64,167 a year. The US average is $69,021 a year.