Watertown, MN is a city located in the Southwest corner of Minnesota. It has a population of over 6,000 people and is rapidly growing. The cost of rent for two bedroom homes in Watertown is relatively cheaper than the US average at $1,190 compared to $1,430. Additionally, the grocery cost index in Watertown is 101 compared to 100 nationally making groceries slightly more expensive than they are on average throughout the US. This growing city is home to many local companies such as C&L Electric Services Inc., American Food & Vending Corporation, and Midwest Marine Construction Inc. All these factors combined make Watertown an attractive place to live with competitive rental prices and access to local businesses without sacrificing affordability.
Watertown has an unemployment rate of 3.7%. The US average is 6.0%.
Watertown 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 38.0%, which is higher than the US average of 33.5%.
Tax Rates for Watertown
- The Sales Tax Rate for Watertown is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Watertown 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 Watertown
- The average income of a Watertown resident is $32,281 a year. The US average is $28,555 a year.
- The Median household income of a Watertown resident is $95,156 a year. The US average is $69,021 a year.