Spencer, MN is a great place to call home. The rent for an average two bedroom apartment is significantly lower than the US average, and the cost of living in general is lower than the national average. This makes Spencer an attractive destination for those looking for a low cost of living without sacrificing quality of life.
In addition to its affordability, Spencer offers plenty of attraction and entertainment for its residents. Local companies such as K&B Grocery Store and Como Recreation Center offer plenty of activities and services for the whole family. Outdoor enthusiasts can take advantage of nearby lakes and parks such as Parkers Lake County Park and Lake Louise State Park, while history buffs can explore some of Minnesota’s oldest attractions like the Historic Fort Snelling State Park.
Overall, Spencer not only provides a low cost-of-living but also plenty of activities and attractions that make it an ideal place to live. With its affordability, local businesses, outdoor recreation opportunities, and historical sites, Spencer is a great location for people looking to settle down in Minnesota.
Spencer has an unemployment rate of 7.1%. The US average is 6.0%.
Spencer has seen the job market increase by 2.8% over the last year. Future job growth over the next ten years is predicted to be 37.5%, which is higher than the US average of 33.5%.
Tax Rates for Spencer
- The Sales Tax Rate for Spencer is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Spencer 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 Spencer
- The average income of a Spencer resident is $29,827 a year. The US average is $28,555 a year.
- The Median household income of a Spencer resident is $64,615 a year. The US average is $69,021 a year.