Lakefield, MN is a small city located in the southeastern corner of Minnesota, and it is known for its quiet, rural atmosphere. The cost of living in Lakefield is significantly lower than the US average, with 2 bedroom rent at $840 compared to $1,430 nationally. Additionally, the Grocery Cost Index in Lakefield stands at 94 compared to 100 for the country as a whole. Local businesses include Finney Implement Company which sells farm machinery to meet local agricultural needs; Lakefield Veterinary Clinic which provides animal care and medical services; and Big Woods Bar & Grill which serves up delicious burgers and craft beer for area residents.
Lakefield has an unemployment rate of 4.3%. The US average is 6.0%.
Lakefield has seen the job market decrease by -1.8% over the last year. Future job growth over the next ten years is predicted to be 6.7%, which is lower than the US average of 33.5%.
Tax Rates for Lakefield
- The Sales Tax Rate for Lakefield is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lakefield 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 Lakefield
- The average income of a Lakefield resident is $24,744 a year. The US average is $28,555 a year.
- The Median household income of a Lakefield resident is $56,212 a year. The US average is $69,021 a year.