Medford, MN is a small town located in Steele County with a population of 1,447 residents. Despite its small size, there are several businesses that operate in Medford including restaurants, retail stores, and automotive services. The cost of living in Medford is quite low when compared to other areas in the United States. The average rent for a two bedroom apartment is $770 per month, while the national average is $1,430. Additionally, the Grocery Cost Index in Medford is 97 compared to 100 nationally. This means that individuals can save money on groceries when shopping locally. With affordable housing and low grocery costs, Medford can be an attractive option for people looking to live comfortably on a budget.
Medford has an unemployment rate of 4.9%. The US average is 6.0%.
Medford has seen the job market decrease by -2.3% over the last year. Future job growth over the next ten years is predicted to be 14.8%, which is lower than the US average of 33.5%.
Tax Rates for Medford
- The Sales Tax Rate for Medford is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Medford 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 Medford
- The average income of a Medford resident is $23,644 a year. The US average is $28,555 a year.
- The Median household income of a Medford resident is $84,000 a year. The US average is $69,021 a year.