Merton, MN is a small town located in the northwestern corner of the state. Despite its size, Merton provides residents with plenty of amenities and attractions. The local economy is supported by businesses such as the Merton Mercantile, Smitty's Grocery, and the Lumber Nook hardware store. The cost of living in Merton is quite affordable compared to other parts of Minnesota and the US as a whole. Rent for a two-bedroom apartment in Merton averages around $940 per month, which is significantly lower than the national average of around $1,430. Additionally, the grocery cost index in Merton stands at 97 versus 100 nationally - further evidence that local costs are lower than elsewhere.
Merton has an unemployment rate of 4.9%. The US average is 6.0%.
Merton 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 Merton
- The Sales Tax Rate for Merton is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Merton 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 Merton
- The average income of a Merton resident is $37,624 a year. The US average is $28,555 a year.
- The Median household income of a Merton resident is $90,000 a year. The US average is $69,021 a year.