Borgholm, MN is a small town located in the northern part of the state. The cost of living in Borgholm is quite affordable - 2 bedroom rentals average around $1,180 per month which is significantly lower than the nationwide average of $1,430. Grocery costs are also relatively low with a grocery cost index of 98 compared to the US index of 100. There are several local businesses in Borgholm that contribute to its economy such as Big Stone & Crosslake Construction Co., J&J Builders LLC, and Zumbrota Interiors Inc. In addition to these businesses, there are numerous restaurants and shops located throughout town that offer an eclectic variety of products and services. Borgholm offers a peaceful environment with plenty of recreational activities such as fishing, camping, hiking, skiing and more making it an ideal destination for those who desire a quiet rural setting.
Borgholm has an unemployment rate of 7.9%. The US average is 6.0%.
Borgholm 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 31.9%, which is lower than the US average of 33.5%.
Tax Rates for Borgholm
- The Sales Tax Rate for Borgholm is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Borgholm 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 Borgholm
- The average income of a Borgholm resident is $26,743 a year. The US average is $28,555 a year.
- The Median household income of a Borgholm resident is $76,042 a year. The US average is $69,021 a year.