Welch, MN is a small city located in Goodhue County with an estimated population of 572. The cost of living here is fairly affordable, with an average 2 bedroom rent at $1,170 which is significantly lower than the national average of $1,430. Grocery costs in Welch are also fairly low with an index of 103 compared to the U.S. index of 100. In terms of job opportunities and local businesses, Welch has several small companies like Quality Steel Fabrication Inc., Welch Plumbing & Heating Co., and Kato Engineering Inc. that keep the economy alive and offer plenty of work opportunities for locals.
Welch has an unemployment rate of 4.6%. The US average is 6.0%.
Welch has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 28.0%, which is lower than the US average of 33.5%.
Tax Rates for Welch
- The Sales Tax Rate for Welch is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Welch 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 Welch
- The average income of a Welch resident is $42,751 a year. The US average is $28,555 a year.
- The Median household income of a Welch resident is $103,500 a year. The US average is $69,021 a year.