Norfolk, MN is a small city located in Minnesota with a population of approximately 2,000 people. The cost of living in Norfolk is quite low with an average two bedroom rental being $820 per month, compared to the national average rent for two bedrooms which is $1,430. The grocery cost index in Norfolk is also lower than the national average at 95 versus 100 in the US. Not only does Norfolk offer a low cost of living but there are also many local businesses that residents can patronize such as the Norwood Co-op Grocery Store, Redwood County Bank and Morris Furniture. All these factors combined make Norfolk an affordable place to live with plenty of amenities for its residents.
Norfolk has an unemployment rate of 5.9%. The US average is 6.0%.
Norfolk has seen the job market increase by 6.7% over the last year. Future job growth over the next ten years is predicted to be 46.0%, which is higher than the US average of 33.5%.
Tax Rates for Norfolk
- The Sales Tax Rate for Norfolk is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Norfolk 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 Norfolk
- The average income of a Norfolk resident is $38,013 a year. The US average is $28,555 a year.
- The Median household income of a Norfolk resident is $78,750 a year. The US average is $69,021 a year.