Montevideo, MN is a rural city in Minnesota with a population of 5,402 (According to the 2020 US Census). It's known for its friendly environment and close-knit community. Renting a two bedroom apartment in Montevideo costs $810 on average which is much lower than the US average at $1,430. Groceries are also cheaper with an index score of 92 compared to 100 in the US, making Montevideo an attractive option for those looking for affordable housing. The city has many local companies such as Chippewa Valley Bank and Montevideo Motors that provide residents with plenty of job opportunities. In conclusion, Montevideo provides its citizens with a great quality of life balanced between affordability and economy growth.
Montevideo has an unemployment rate of 4.4%. The US average is 6.0%.
Montevideo has seen the job market decrease by -1.0% over the last year. Future job growth over the next ten years is predicted to be 24.4%, which is lower than the US average of 33.5%.
Tax Rates for Montevideo
- The Sales Tax Rate for Montevideo is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Montevideo 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 Montevideo
- The average income of a Montevideo resident is $24,467 a year. The US average is $28,555 a year.
- The Median household income of a Montevideo resident is $53,410 a year. The US average is $69,021 a year.