Lake Valley, MN is a picturesque town located in the heart of Minnesota. With stunning views and a variety of outdoor activities, Lake Valley is a great place to call home. The city offers residents a cost of living that is lower than the average US cost while also providing quality services and convenient amenities. Residents can find an average 2 bedroom rent rate of $760 which is significantly lower than the national average of $1,430. Additionally, grocery costs in Lake Valley have an index of 93 versus 100 in the US. Local businesses in Lake Valley include Kelley’s Grocery Store, King’s Auto Parts, and Sprouts Printing Services among many others. All these businesses make Lake Valley an ideal destination for people looking for economical living and plenty of employment opportunities.
Lake Valley has an unemployment rate of 5.0%. The US average is 6.0%.
Lake Valley has seen the job market increase by 2.1% over the last year. Future job growth over the next ten years is predicted to be 25.5%, which is lower than the US average of 33.5%.
Tax Rates for Lake Valley
- The Sales Tax Rate for Lake Valley is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lake Valley 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 Valley
- The average income of a Lake Valley resident is $37,424 a year. The US average is $28,555 a year.
- The Median household income of a Lake Valley resident is $61,875 a year. The US average is $69,021 a year.