Andover, Minnesota is a vibrant city with many promising opportunities for growth. The local economy has been bolstered by businesses like U.S. Bank, Home Depot and Target which have created jobs and investment in the area. The cost of living in Andover is slightly higher than the US average; however, rent for a two bedroom apartment costs around $1,980 per month while the average US rent for such an apartment is $1,430. In addition, grocery costs in Andover are higher than the national average with an index of 103 versus 100 nationwide. Overall, Andover is a great place to live with plenty of job opportunities and amenities but it comes at a slightly higher expense compared to some other areas.
Andover has an unemployment rate of 3.6%. The US average is 6.0%.
Andover 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 37.0%, which is higher than the US average of 33.5%.
Tax Rates for Andover
- The Sales Tax Rate for Andover is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Andover 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 Andover
- The average income of a Andover resident is $36,364 a year. The US average is $28,555 a year.
- The Median household income of a Andover resident is $118,943 a year. The US average is $69,021 a year.