Elbow Lake, MN is a small town located in the western part of the state. The town has a population of just under 2,000 people and is known for its charming atmosphere and friendly locals. It has become an increasingly popular destination for outdoor activities such as hiking, boating, fishing, and camping. The cost of living in Elbow Lake is much lower than the national average. For instance, the median 2-bedroom rent in Elbow Lake is $840 compared to $1,430 nationally. Similarly, the Grocery Cost Index in Elbow Lake is 93 versus 100 throughout the US.
The local economy of Elbow Lake consists of many small businesses such as Phipps Market & Deli, Jan's Place Café & Bar, EZ Stop Convenience Store & Gas Station, Johnson's Repair Shop & Towing Services, Ace Hardware Store and more. These small businesses play an integral role in providing goods and services for their community members while also supporting their local economy.
Elbow Lake has an unemployment rate of 5.4%. The US average is 6.0%.
Elbow Lake has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 22.4%, which is lower than the US average of 33.5%.
Tax Rates for Elbow Lake
- The Sales Tax Rate for Elbow Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Elbow 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 Elbow Lake
- The average income of a Elbow Lake resident is $24,214 a year. The US average is $28,555 a year.
- The Median household income of a Elbow Lake resident is $47,031 a year. The US average is $69,021 a year.