Lake Andrew, MN is a small town located in Minnesota with a population of approximately 3,000 people. The cost of living in this area is quite low compared to the US as whole; for example, 2-bedroom rental costs are $800 monthly compared to the US average of $1,430. Grocery costs are even lower with an index score of 99 versus 100 nationally. The local economy is mainly composed of small businesses and family owned companies such as John's Bakery and Miller's Groceries. Residents here have access to all essential amenities at competitive prices which makes Lake Andrew a great place to live.
Lake Andrew has an unemployment rate of 4.9%. The US average is 6.0%.
Lake Andrew has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 37.1%, which is higher than the US average of 33.5%.
Tax Rates for Lake Andrew
- The Sales Tax Rate for Lake Andrew is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lake Andrew 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 Lake Andrew
- The average income of a Lake Andrew resident is $34,304 a year. The US average is $28,555 a year.
- The Median household income of a Lake Andrew resident is $90,625 a year. The US average is $69,021 a year.