Lake Belt, MN is an attractive area for renters and homebuyers alike thanks to its affordability. The average rent for a two-bedroom unit in Lake Belt is only $780 compared to the national average of $1,430. Additionally, the local grocery cost index is 93 versus 100 in the US making everyday life more economical in this city.
In addition to being affordable, Lake Belt has a vibrant local businesses scene that serves as an economic force for the city. Popular businesses include Lake Belt Brewing Company which offers craft beers brewed in house, A Cut Above which offers high-end hair cuts and styling, and Valley Sports Supply Co., a specialty sports store focused on outdoor sports gear.
All these factors combined make Lake Belt an attractive place to live or purchase real estate. Affordable living costs and well-known local businesses provide residents with a great quality of life that will continue to draw people to this great city.
Lake Belt has an unemployment rate of 4.3%. The US average is 6.0%.
Lake Belt has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 25.1%, which is lower than the US average of 33.5%.
Tax Rates for Lake Belt
- The Sales Tax Rate for Lake Belt is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Lake Belt 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 Lake Belt
- The average income of a Lake Belt resident is $29,456 a year. The US average is $28,555 a year.
- The Median household income of a Lake Belt resident is $45,000 a year. The US average is $69,021 a year.