Lakin, MN is a small, suburban town located in western Minnesota. The population of Lakin is relatively low compared to other cities in the region; however, it still offers a wide variety of amenities. Residents in Lakin benefit from 2 bedroom rents that are much lower than those offered in other parts of the US - currently around $1,080 per month. Furthermore, residents also save money on groceries thanks to the town's Grocery Cost Index of 100 compared to the national average of 100. The local economy consists mostly of family-run businesses such as Lakin Grocery Market and D&M Electronics Repair and Services. All these factors make Lakin an attractive location for those looking for affordable housing and goods.
Lakin has an unemployment rate of 7.1%. The US average is 6.0%.
Lakin has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 24.7%, which is lower than the US average of 33.5%.
Tax Rates for Lakin
- The Sales Tax Rate for Lakin is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Lakin 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 Lakin
- The average income of a Lakin resident is $19,759 a year. The US average is $28,555 a year.
- The Median household income of a Lakin resident is $66,875 a year. The US average is $69,021 a year.