Faxon, MN is a small town located in the midwest of the United States. It is known for its friendly people and small-town charm. The town offers a variety of activities and amenities for its residents, including local restaurants, parks, and recreational areas. As far as affordability of living goes, Faxon ranks relatively well. Two bedroom rent in Faxon is $1,220 which is lower than the US average of $1,430. Grocery Cost Index in Faxon is also slightly lower compared to that of the US at 100 versus 100 respectively. Some notable local companies include Twin Valley Farms which specializes in producing farm fresh fruits and vegetables; Foshay Feeds & Seeds which provides quality animal feed; and Regal Partition Systems which manufactures partitions for offices and other workplaces. All things considered, Faxon makes for an excellent place to live due to its low cost of living and abundance of nearby resources.
Faxon has an unemployment rate of 5.3%. The US average is 6.0%.
Faxon has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 29.8%, which is lower than the US average of 33.5%.
Tax Rates for Faxon
- The Sales Tax Rate for Faxon is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Faxon 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 Faxon
- The average income of a Faxon resident is $31,284 a year. The US average is $28,555 a year.
- The Median household income of a Faxon resident is $102,222 a year. The US average is $69,021 a year.