Buffalo Lake, MN is a small town with a population of about 1,000 people located in the Midwest. The average two bedroom rent in Buffalo Lake is much lower than the US average, at just $840 compared to $1,430 nationally. Additionally, the grocery cost index in Buffalo Lake is 96 compared to 100 for the US on average. This makes Buffalo Lake an attractive place to live for those looking for more affordable housing and groceries.
The local economy is driven by a few major companies such as American Crystal Sugar Company, which produces sugar beets and sugar products, and Glacial Lakes Energy LLC that produces energy from renewable sources like wind, biomass and solar. There are also many small businesses in the city offering services like insurance and auto repair shops. For recreation, there's plenty of outdoor activities available with nearby lakes for fishing and swimming as well as trails for hiking or biking. All in all, Buffalo Lake is an excellent place to live with great quality of life offerings at an affordable price.
Buffalo Lake has an unemployment rate of 5.9%. The US average is 6.0%.
Buffalo Lake has seen the job market increase by 6.7% over the last year. Future job growth over the next ten years is predicted to be 46.0%, which is higher than the US average of 33.5%.
Tax Rates for Buffalo Lake
- The Sales Tax Rate for Buffalo Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Buffalo 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 Buffalo Lake
- The average income of a Buffalo Lake resident is $21,061 a year. The US average is $28,555 a year.
- The Median household income of a Buffalo Lake resident is $48,958 a year. The US average is $69,021 a year.