Fall Lake, MN is a small community located in the heart of Minnesota. The city has a strong economy, with businesses ranging from health care and retail to technology and manufacturing. The cost of living in Fall Lake is lower than the national average, with two bedroom rental prices at $970 compared to $1,430 across the country. Additionally, the Grocery Cost Index in Fall Lake is 95, making it more affordable than the US average of 100. Popular local companies include Essentia Health, Federated Insurance, and Schuco USA. With its competitive costs and thriving economy, Fall Lake is an attractive option for those looking for an affordable place to live.
Fall Lake has an unemployment rate of 5.1%. The US average is 6.0%.
Fall Lake has seen the job market increase by 5.1% over the last year. Future job growth over the next ten years is predicted to be 36.7%, which is higher than the US average of 33.5%.
Tax Rates for Fall Lake
- The Sales Tax Rate for Fall Lake is 7.9%. The US average is 7.3%.
- The Income Tax Rate for Fall 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 Fall Lake
- The average income of a Fall Lake resident is $35,327 a year. The US average is $28,555 a year.
- The Median household income of a Fall Lake resident is $72,656 a year. The US average is $69,021 a year.