Lake Park, MN is a small city located in the northern part of the state. Despite its small size, Lake Park has much to offer its residents. Rent for a two bedroom apartment in Lake Park is significantly less than the national average at only $850 compared to $1,430 across the United States. Additionally, costs associated with daily groceries are also lower in Lake Park due to its Grocery Cost Index of 102 versus 100 nationally. This makes it an ideal place for those looking for affordable living options. Local businesses in Lake Park include Miller's Home Hardware & Appliance Store, Northwood Drug & Gift Shoppe, and Ark Bakery & Deli. These businesses provide goods and services to local residents while providing competitive prices when compared against their national counterparts.
Lake Park has an unemployment rate of 5.3%. The US average is 6.0%.
Lake Park has seen the job market increase by 3.4% over the last year. Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
Tax Rates for Lake Park
- The Sales Tax Rate for Lake Park is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Lake Park 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 Park
- The average income of a Lake Park resident is $21,297 a year. The US average is $28,555 a year.
- The Median household income of a Lake Park resident is $53,875 a year. The US average is $69,021 a year.