Oakwood, MN is a small city located in the North Star State. It has a population of around 10,000 people and is known for its strong community values and friendly atmosphere. Rent for 2 bedroom apartments in Oakwood costs $890 per month which is much lower than the national average of $1,430. The grocery cost index in Oakwood is 99 versus 100, meaning groceries are slightly cheaper than other places in the US. Oakwood's economy is driven by a variety of small local businesses such as Nelson's Hardware Store, Johnson Savings Bank, and Wilcox Sporting Goods. The area also attracts larger companies like Johnson Outdoor Solutions and Kline Industrial Engineering who have created many jobs in the area. Overall, Oakwood has an excellent economic outlook with low living costs and plenty of job opportunities.
Oakwood has an unemployment rate of 4.4%. The US average is 6.0%.
Oakwood has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 28.5%, which is lower than the US average of 33.5%.
Tax Rates for Oakwood
- The Sales Tax Rate for Oakwood is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Oakwood 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 Oakwood
- The average income of a Oakwood resident is $36,661 a year. The US average is $28,555 a year.
- The Median household income of a Oakwood resident is $74,375 a year. The US average is $69,021 a year.