Sherman, MN is a small town with an estimated population of only 725 people. Despite its size, it is an attractive location for those looking to live in a rural area while still having access to amenities such as shops, restaurants, and other services. Local businesses in Sherman include Rinderknecht Ag Solutions Inc., Johnson Motors & Fabricating, and Junkermeier's Garage. The cost of living in Sherman is relatively low compared to the rest of the United States. The average rent for a two bedroom home in Sherman is $770 per month while the US average stands at $1,430 per month. Similarly, the Grocery Cost Index in Sherman is 94 versus 100 in the US which makes groceries more affordable locally than nationally.
Sherman has an unemployment rate of 5.5%. The US average is 6.0%.
Sherman has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 5.0%, which is lower than the US average of 33.5%.
Tax Rates for Sherman
- The Sales Tax Rate for Sherman is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Sherman 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 Sherman
- The average income of a Sherman resident is $29,453 a year. The US average is $37,638 a year.
- The Median household income of a Sherman resident is $49,583 a year. The US average is $69,021 a year.