Lake City, MN is a welcoming city that offers many great services for its citizens. Housing is relatively affordable with a 2 bedroom rent at only $1,000 per month. Additionally, groceries are also quite affordable with the Grocery Cost Index in Lake City being 99 compared to the national average of 100. With these cost savings, local citizens can save their money for other needs such as entertainment or travel. Local companies providing housing and grocery services include Johnson’s Apartment Complex and Lake City Supermarket. Johnson’s Apartment Complex provides great rental units at an affordable price for those looking to move into Lake City while Lake City Supermarket offers quality groceries at excellent prices so locals can stretch their dollars further when shopping for food.
Lake City has an unemployment rate of 4.4%. The US average is 6.0%.
Lake City has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 28.5%, which is lower than the US average of 33.5%.
Tax Rates for Lake City
- The Sales Tax Rate for Lake City is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Lake City 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 City
- The average income of a Lake City resident is $26,863 a year. The US average is $28,555 a year.
- The Median household income of a Lake City resident is $65,652 a year. The US average is $69,021 a year.