Hoyt Lakes, MN is a small city located in the northeast part of the state with a population of around 1,400 people. It’s a great place to live for individuals and families looking to escape the hustle and bustle of bigger cities. The cost of living in Hoyt Lakes is quite low compared to other places; rent for two bedroom apartments averages around $950 per month while groceries are approximately 9% cheaper than the US average.
This town offers plenty of activities and local businesses such as Calvary Lutheran Church, Hoyt Lakes Public Library & Museum, and ARL Hardware & Sporting Goods. In addition, there are also many restaurants such as Prairie Bay Grill & Catering, Ned Kelly’s Bar & Grill, and Iron Range Eatery that offer delicious dishes for everyone.
Hoyt Lakes has an unemployment rate of 4.8%. The US average is 6.0%.
Hoyt Lakes 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 Hoyt Lakes
- The Sales Tax Rate for Hoyt Lakes is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Hoyt Lakes 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 Hoyt Lakes
- The average income of a Hoyt Lakes resident is $27,835 a year. The US average is $37,638 a year.
- The Median household income of a Hoyt Lakes resident is $60,987 a year. The US average is $69,021 a year.