Paddock, MN is a small town located just south of Mankato, MN. It has a population of around 300 people and is known for its affordable living and close proximity to larger cities like Minneapolis and St. Paul. The average 2 bedroom rent in Paddock is $840 compared to the US average of $1,430 making it an attractive option for renters. In addition, Paddock's Grocery Cost Index score is 94 versus the national average of 100, making it even more economical to live there.
The local economy in Paddock consists of several businesses such as the Paddock Market, G&B Automotive, Cloud 9 Café, Wok & Roll Chinese restaurant, Spring Creek Supper Club and many more small-to-medium sized companies. Though limited in size and resources compared to cities like Minneapolis and St. Paul, these businesses provide residents with essential goods and services that make life in Paddock comfortable for all its inhabitants.
Paddock has an unemployment rate of 5.3%. The US average is 6.0%.
Paddock has seen the job market increase by 2.6% over the last year. Future job growth over the next ten years is predicted to be 34.5%, which is higher than the US average of 33.5%.
Tax Rates for Paddock
- The Sales Tax Rate for Paddock is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Paddock 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 Paddock
- The average income of a Paddock resident is $24,301 a year. The US average is $28,555 a year.
- The Median household income of a Paddock resident is $52,083 a year. The US average is $69,021 a year.