Wood Lake, MN is a small town located in Minnesota and is home to a variety of local businesses. The cost of living in Wood Lake is significantly lower than the national average with two bedroom rental rates being around $830 per month. Grocery prices are also lower with a grocery cost index ranking at 94 compared to 100 nationally. Some of the notable local businesses include Woodlake Market & Deli, Theis Motors, and Hoogland Construction. These companies provide goods and services to many of the locals in Wood Lake as well as surrounding areas.
Wood Lake has an unemployment rate of 4.4%. The US average is 6.0%.
Wood Lake has seen the job market decrease by -1.2% over the last year. Future job growth over the next ten years is predicted to be 14.9%, which is lower than the US average of 33.5%.
Tax Rates for Wood Lake
- The Sales Tax Rate for Wood Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Wood Lake 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 Wood Lake
- The average income of a Wood Lake resident is $28,454 a year. The US average is $37,638 a year.
- The Median household income of a Wood Lake resident is $64,063 a year. The US average is $69,021 a year.