Colfax, MN is a small community located in Minnesota with a population of approximately 4,000. Colfax is known for its high quality of life and affordability, offering 2 bedroom rents for $850 compared to the US average of $1,430. The cost of living index in Colfax is 98, lower than the US average of 100. It is a great place to live and work as it offers amenities such as local businesses like Legacy Bank, Blue Bird Cafe, Bear Creek Golf Course and H&R Block. Additionally, there are numerous outdoor activities available such as hiking trails and parks that make Colfax an attractive destination for visitors and potential residents.
Colfax has an unemployment rate of 4.9%. The US average is 6.0%.
Colfax has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 37.1%, which is higher than the US average of 33.5%.
Tax Rates for Colfax
- The Sales Tax Rate for Colfax is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Colfax 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 Colfax
- The average income of a Colfax resident is $38,708 a year. The US average is $37,638 a year.
- The Median household income of a Colfax resident is $63,125 a year. The US average is $69,021 a year.