Morcom, MN is a small town located in the Minnesota area with a population of around 3500. The cost of living is quite low, as evidenced by the 2 bedroom rent which is only $970 compared to the US average of $1,430. In addition, the Grocery Cost Index is significantly lower than in other parts of the country at 96 versus 100 in the US. Local businesses in Morcom include family-owned restaurants like Joe's Diner and hardware stores such as Ace Hardware. Residents benefit from these and other local stores due to the low cost of living in Morcom.
Morcom has an unemployment rate of 4.8%. The US average is 6.0%.
Morcom has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Morcom
- The Sales Tax Rate for Morcom is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Morcom 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 Morcom
- The average income of a Morcom resident is $25,088 a year. The US average is $28,555 a year.
- The Median household income of a Morcom resident is $60,833 a year. The US average is $69,021 a year.