Independence, MN is an attractive place to live due to its low housing and living costs. The average 2 bedroom rent in Independence is $1,220 which is significantly lower than the US average of $1,430. This makes it a great option for people who are looking for affordable housing. In addition to this, Independence also has a lower cost of groceries with a grocery cost index of 105 compared to the national average of 100.
In terms of local businesses and lifestyle, Independence offers plenty of activities and services. The city hosts many companies such as Farrell Equipment & Supply Co., First Independent Bank, and Citywide Banks. With these businesses and more around the area, there is no shortage of job opportunities or entertainment venues for locals to explore. Furthermore, Independence also offers outdoor recreational activities such as camping and fishing which make it an ideal place for people who enjoy spending time outdoors. For those who prefer indoors activities there are multiple shopping centers in town and around the area where one can find anything from clothing stores to restaurants. All these features make Independence an attractive location for those looking for a unique lifestyle that combines low living costs with plenty of entertainment options available at their fingertips.
Independence has an unemployment rate of 4.2%. The US average is 6.0%.
Independence has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.9%, which is higher than the US average of 33.5%.
Tax Rates for Independence
- The Sales Tax Rate for Independence is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Independence 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 Independence
- The average income of a Independence resident is $54,371 a year. The US average is $28,555 a year.
- The Median household income of a Independence resident is $198,242 a year. The US average is $69,021 a year.