Olney, MN is a small town located in the southern part of the state. The cost of living is quite affordable compared to the national average, as evidenced by 2 bedroom rent at $930 and a Grocery Cost Index of 95 versus 100 in the US. The local economy is largely supported by Vasseur Motors, John's Transmission Repair, and Hallstrom Farms—all of which offer essential services to the community. Residents also have access to a variety of recreational opportunities such as fishing, hiking, and camping at Rice Lake State Park. Olney is an ideal place for families to settle down both for its cost-effective lifestyle and its friendly atmosphere.
Olney has an unemployment rate of 3.7%. The US average is 6.0%.
Olney has seen the job market decrease by 0.0% over the last year. Future job growth over the next ten years is predicted to be 22.7%, which is lower than the US average of 33.5%.
Tax Rates for Olney
- The Sales Tax Rate for Olney is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Olney 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 Olney
- The average income of a Olney resident is $61,238 a year. The US average is $28,555 a year.
- The Median household income of a Olney resident is $78,750 a year. The US average is $69,021 a year.