Lafayette, MN is a small town located in Minnesota's Twin Cities metropolitan area. The town is known for its historic charm and unique culture, making it a desirable place to live. The cost of living in Lafayette is quite reasonable compared to the national average; the 2 bedroom rent in Lafayette is $890 while the US average for a 2 bedroom rental is $1,430. Additionally, when it comes to groceries, Lafayette has a Grocery Cost Index of 96 compared to 100 nationally.
Lafayette offers an array of local businesses that contribute to its vibrant economy and cultural identity; some notable companies include Lafayette Foods LLC, a family-owned business that provides fresh produce to local stores, as well as Jameson Appliance Service Co., which specializes in appliance repairs and services. Furthermore, Liberty Tax Service offers tax solutions for individuals and businesses alike.
Lafayette has an unemployment rate of 3.6%. The US average is 6.0%.
Lafayette has seen the job market increase by 3.3% over the last year. Future job growth over the next ten years is predicted to be 36.6%, which is higher than the US average of 33.5%.
Tax Rates for Lafayette
- The Sales Tax Rate for Lafayette is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Lafayette 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 Lafayette
- The average income of a Lafayette resident is $26,025 a year. The US average is $28,555 a year.
- The Median household income of a Lafayette resident is $78,646 a year. The US average is $69,021 a year.