Maxwell, MN is a small town nestled in the midwest. With a population of less than 1,000 people, it provides its residents with an intimate community atmosphere. The cost of living in Maxwell is quite low compared to the rest of the United States. For example, 2 bedroom rent is around $820 per month versus $1,430 in the US on average. Groceries are also relatively cheaper in Maxwell with a Grocery Cost Index of 94 compared to 100 nationally.
The town has several locally owned businesses that contribute to the economy such as Maxwell Hardware Store and Maxwell Diner. These companies provide essential products and services for locals while also providing jobs for many residents which keeps money circulating within the community and helps to maintain its small-town charm.
Maxwell has an unemployment rate of 4.5%. The US average is 6.0%.
Maxwell has seen the job market decrease by -1.5% over the last year. Future job growth over the next ten years is predicted to be 10.0%, which is lower than the US average of 33.5%.
Tax Rates for Maxwell
- The Sales Tax Rate for Maxwell is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Maxwell 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 Maxwell
- The average income of a Maxwell resident is $37,217 a year. The US average is $28,555 a year.
- The Median household income of a Maxwell resident is $113,750 a year. The US average is $69,021 a year.