Floodwood, MN is a small city of approximately 870 people located in St Louis County. It's a quiet suburban area offering plenty of outdoor activities like camping, boating, and fishing - perfect for nature lovers! The cost of living in Floodwood is significantly lower than the US average, with 2 bedroom rent costing $820 compared to $1,430 across the nation. Additionally, food costs are also lower with the Grocery Cost Index in Floodwood being 93 versus 100 nationally. Local companies include Spotlight Auto Sales & Service, North Country Storage LLC, and Tractor Shed Repair Inc. While shopping for necessities may be limited in Floodwood, nearby towns offer plenty of shops and restaurants to choose from.
Floodwood has an unemployment rate of 4.8%. The US average is 6.0%.
Floodwood 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 Floodwood
- The Sales Tax Rate for Floodwood is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Floodwood 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 Floodwood
- The average income of a Floodwood resident is $18,056 a year. The US average is $28,555 a year.
- The Median household income of a Floodwood resident is $32,237 a year. The US average is $69,021 a year.