Fairbanks, MN is a small town located in the state of Minnesota. It has a population of about 1,400 people and offers a quiet and peaceful lifestyle. Local companies include Fairbanks Energy Services, Anderson Machine Manufacturing Co., Inc., Midwest Cement Finishing LLC, and Georgia-Pacific Corporation. Job opportunities in Fairbanks are mostly in manufacturing, engineering services, and construction services. The cost of living in this town is relatively low compared to the rest of the country. The average rent for a two-bedroom apartment is $1,170 while the US average is $1,430. Grocery prices are also lower here as well with an index score of 94 versus 100 in the US. Overall, Fairbanks is an affordable place to live with plenty of local businesses to work for and opportunities to save money on basic necessities.
Fairbanks has an unemployment rate of 4.8%. The US average is 6.0%.
Fairbanks 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 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Fairbanks
- The Sales Tax Rate for Fairbanks is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Fairbanks 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 Fairbanks
- The average income of a Fairbanks resident is $31,076 a year. The US average is $28,555 a year.
- The Median household income of a Fairbanks resident is $37,063 a year. The US average is $69,021 a year.