Fayal, MN is a small town in the heartland of America that offers its citizens affordable living. With a two bedroom rent priced at $990, it is significantly lower than the US average of $1,430. In addition to low rent costs, grocery costs are also relatively low in comparison to the national index. With an index at only 92 versus 100 in the US, this makes Fayal an ideal location for those who seek value for their money while not sacrificing quality of life. The local economy is largely driven by companies such as Northwood Innovations LLC., RR Donnelley & Sons Co., and Wausau Window and Wall Systems Inc. These businesses provide jobs and economic growth for the community while allowing residents to remain close to home. All in all, Fayal is an excellent place to live with its affordable cost of living and booming economy.
Fayal has an unemployment rate of 4.8%. The US average is 6.0%.
Fayal has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Fayal
- The Sales Tax Rate for Fayal is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Fayal 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 Fayal
- The average income of a Fayal resident is $31,790 a year. The US average is $28,555 a year.
- The Median household income of a Fayal resident is $84,688 a year. The US average is $69,021 a year.