Hoffman, Minnesota is a small town located in Stevens County. The cost of living is affordable compared to the national average, as evidenced by its 2 bedroom rent being $820 compared to the US 2 bedroom rent of $1,430. Similarly, the grocery cost index in Hoffman is 96, substantially lower than that of the US which stands at 100. Hoffman is home to several local companies such as Innovative Building Solutions and Hoffman Plumbing & Heating Inc., making it an ideal area for those looking for employment opportunities. Those looking for a place to call home with an array of amenities should consider Hoffman and all that it has to offer.
Hoffman has an unemployment rate of 5.4%. The US average is 6.0%.
Hoffman has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 22.4%, which is lower than the US average of 33.5%.
Tax Rates for Hoffman
- The Sales Tax Rate for Hoffman is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Hoffman 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 Hoffman
- The average income of a Hoffman resident is $19,660 a year. The US average is $28,555 a year.
- The Median household income of a Hoffman resident is $48,333 a year. The US average is $69,021 a year.