Palmer, MN is situated in a vibrant economic climate that contains many local businesses for residents to shop at or work for. Two of the largest employers in Palmer are Northland Industries and Weyerhaeuser Company, both of which provide a variety of goods and services ranging from construction to manufacturing. The cost of living in Palmer is quite affordable with two bedroom rentals at $1,320 compared to the US average of $1,430. Additionally, grocery costs are slightly cheaper than the rest of the country as it stands at 101 versus 100 on the Grocery Cost Index. In conclusion, Palmer is an ideal location for anyone looking for an affordable place to live with plenty of local job opportunities.
Palmer has an unemployment rate of 4.9%. The US average is 6.0%.
Palmer has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 38.1%, which is higher than the US average of 33.5%.
Tax Rates for Palmer
- The Sales Tax Rate for Palmer is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Palmer 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 Palmer
- The average income of a Palmer resident is $35,874 a year. The US average is $28,555 a year.
- The Median household income of a Palmer resident is $94,405 a year. The US average is $69,021 a year.