Kensington, MN is a small city with a population of around 5,000 people. It has become an attractive place for people looking to live in an affordable area. The average 2 Bedroom rent in Kensington is $870 per month which is about $560 cheaper than the US average of $1,430. Additionally, groceries are relatively inexpensive due to the low Grocery Cost Index of 97 compared to 100 for the US as a whole.
The small city offers plenty of local businesses from banks to grocery stores. Notable companies include Kensington State Bank, Red Owl Grocery Store, and Kensington Community Pharmacy- all located on Main Street. Other attractions in the area include the Royalton Nature Center and many parks and trails for outdoor activities.
Living in Kensington comes with its perks- particularly affordability. With lower rental prices and cost of living, it's no surprise that this small city has become increasingly popular among those who want to save money while still enjoying all that a city lifestyle has to offer.
Kensington has an unemployment rate of 4.1%. The US average is 6.0%.
Kensington has seen the job market increase by 2.5% over the last year. Future job growth over the next ten years is predicted to be 36.5%, which is higher than the US average of 33.5%.
Tax Rates for Kensington
- The Sales Tax Rate for Kensington is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Kensington 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 Kensington
- The average income of a Kensington resident is $21,191 a year. The US average is $28,555 a year.
- The Median household income of a Kensington resident is $50,455 a year. The US average is $69,021 a year.