Palmyra, MN is a small city located in the southern part of the state. Despite its size, it has plenty to offer locals and visitors alike. It offers a peaceful atmosphere, close proximity to outdoor activities, and diverse local businesses. Companies such as Mid-State Machine Company, Cottage Grove Farms Dairy Processing Inc., and Countryside Veterinary Service are just a few of the locally owned businesses that have been established in Palmyra for many years.
In terms of economics, Palmyra provides an affordable cost of living with 2 bedroom rent coming in at $830 compared to the US average of $1,430. Additionally, the Grocery Cost Index is 95 versus 100 in the US so you can get more for your money when it comes to groceries. These factors combined make Palmyra an attractive place for families looking for an affordable yet comfortable place to call home.
Palmyra has an unemployment rate of 5.9%. The US average is 6.0%.
Palmyra 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 Palmyra
- The Sales Tax Rate for Palmyra is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Palmyra 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 Palmyra
- The average income of a Palmyra resident is $31,178 a year. The US average is $28,555 a year.
- The Median household income of a Palmyra resident is $74,792 a year. The US average is $69,021 a year.