Transit, MN is a great place to live for budget-minded individuals. The average rent for a two bedroom apartment in Transit is $900 whereas the US average for the same type of accommodation is $1,430–a significant savings. In addition, grocery items in Transit tend to be less expensive than elsewhere in the country as evidenced by their Grocery Cost Index score which is 96 versus 100 in the US. There are many local businesses that residents can patronize, such as Transit Produce Market and Agro Foods Inc., both of which have been providing fresh produce and other food items to locals since 2017. All in all, living in Transit is a great option for those looking to save money on housing and grocery costs without sacrificing quality or convenience.
Transit has an unemployment rate of 5.3%. The US average is 6.0%.
Transit has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 29.8%, which is lower than the US average of 33.5%.
Tax Rates for Transit
- The Sales Tax Rate for Transit is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Transit 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 Transit
- The average income of a Transit resident is $30,641 a year. The US average is $28,555 a year.
- The Median household income of a Transit resident is $85,250 a year. The US average is $69,021 a year.