Elmdale, MN is a small town located in the Midwest. It is known for its low cost of living and its short commute time to larger cities. The average 2 bedroom rent in Elmdale is $930, while the US average is $1,430. Additionally, grocery costs in Elmdale are on par with the rest of the country at 100. This makes Elmdale an attractive option for families looking to stretch their budget further without sacrificing basic needs.
The local economy in Elmdale is driven by several major companies; including the agricultural business Flanner Farms, which specializes in organic produce; Floyd's Tire Repair Company, which provides automotive services for the area; and Anderson Associates, a financial consultancy firm based in town. These businesses regularly hire locals as well as skilled workers from surrounding areas. Furthermore, there are many local stores that offer employment opportunities including retail outlets such as West Side Clothing Store and food service establishments like Mason's Steakhouse & Barbecue Restaurant.
There are also plenty of opportunities to work remotely or take up freelance jobs due to Elmdale's proximity to larger cities with better infrastructure and faster internet connections. Since Elmdale offers lower living costs than most towns around it, those who choose to live here may find that they can save more money while still taking advantage of job opportunities elsewhere. All in all, Elmdale offers a great balance between affordability and quality of life that makes it an excellent place for people looking for new employment prospects or just a change of scenery.
Elmdale has an unemployment rate of 7.1%. The US average is 6.0%.
Elmdale has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 24.7%, which is lower than the US average of 33.5%.
Tax Rates for Elmdale
- The Sales Tax Rate for Elmdale is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Elmdale 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 Elmdale
- The average income of a Elmdale resident is $57,567 a year. The US average is $37,638 a year.
- The Median household income of a Elmdale resident is $125,000 a year. The US average is $69,021 a year.