Elk Lake, MN is a small town located in Northern Minnesota with an estimated population of around 500 people. The rent for a two-bedroom apartment in Elk Lake is much lower than the US average at just $830 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Elk Lake is 96 versus the US average of 100, making it an affordable place to live. Local businesses in Elk Lake include R & M Grocery Store, Callies Cafe and Bakery, and J&R Hardware. These businesses help support Elk Lake's local economy while providing residents with convenient access to goods and services.
Elk Lake has an unemployment rate of 5.4%. The US average is 6.0%.
Elk 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 Elk Lake
- The Sales Tax Rate for Elk Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Elk 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 Elk Lake
- The average income of a Elk Lake resident is $26,875 a year. The US average is $28,555 a year.
- The Median household income of a Elk Lake resident is $78,125 a year. The US average is $69,021 a year.