Farm Island, MN is a small city located in the Midwest which offers many benefits to residents. It has an affordable cost of living with two bedroom rent at $810 compared to the US two bedroom rent of $1,430, as well as a low Grocery Cost Index of 98 versus 100 in the US. The area also features a number of local businesses that add to the community's charm. There is Peddler's Pub for drinks and dinner with friends, Sibley's Market for grocery needs, and Kwik Trip for convenient snacks. People are drawn to Farm Island, MN for its low cost of living and vibrant businesses. Many young professionals choose to reside here due to its close proximity to larger cities such as Minneapolis where they can easily commute for work or entertainment. As a result, Farm Island provides inhabitants with an ideal blend of affordability and relaxation that makes it an attractive option for anyone looking to settle down in a beautiful small town environment.
Farm Island has an unemployment rate of 7.1%. The US average is 6.0%.
Farm Island has seen the job market increase by 2.8% over the last year. Future job growth over the next ten years is predicted to be 37.5%, which is higher than the US average of 33.5%.
Tax Rates for Farm Island
- The Sales Tax Rate for Farm Island is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Farm Island 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 Farm Island
- The average income of a Farm Island resident is $25,900 a year. The US average is $28,555 a year.
- The Median household income of a Farm Island resident is $55,000 a year. The US average is $69,021 a year.