Hermantown, MN is a small city located in the north of Minnesota. It has a population of about 10,000 people and is known for its low cost of living. The median 2 bedroom rent in Hermantown is $1,330 per month, which is cheaper than the US rate of $1,430 per month. Additionally, their grocery cost index is 99 compared to 100 in the US. The local economy of Hermantown consists mostly of small businesses such as restaurants and retail stores, as well as some larger corporations like Walmart and Target. There are also many professional services offered such as accounting firms, law offices and medical practices that employ local residents. The economy of Hermantown has grown steadily over the last few years due to increased investment from both local businesses and private investors who are attracted to its low cost of living and strong economic base.
Hermantown has an unemployment rate of 4.8%. The US average is 6.0%.
Hermantown 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 Hermantown
- The Sales Tax Rate for Hermantown is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Hermantown 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 Hermantown
- The average income of a Hermantown resident is $31,345 a year. The US average is $28,555 a year.
- The Median household income of a Hermantown resident is $79,844 a year. The US average is $69,021 a year.