Prior Lake, MN is a great place to live and work, with many companies offering job opportunities. Not only is the cost of living reasonable, the rent for two bedroom apartments is slightly higher than the national average ($1,450 versus $1,430). Additionally, the Grocery Cost Index in Prior Lake is 103 versus 100 nationally. This means that groceries are slightly more expensive than the national average. There are a number of businesses in Prior Lake including Priority One Credit Union, BMO Harris Bank N.A., Mall of America and Mystic Lake Casino Hotel. Each of these companies offers unique services to local residents and visitors alike.
Prior Lake has an unemployment rate of 3.8%. The US average is 6.0%.
Prior Lake 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 39.9%, which is higher than the US average of 33.5%.
Tax Rates for Prior Lake
- The Sales Tax Rate for Prior Lake is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Prior Lake 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 Prior Lake
- The average income of a Prior Lake resident is $41,810 a year. The US average is $28,555 a year.
- The Median household income of a Prior Lake resident is $115,837 a year. The US average is $69,021 a year.