Lake Grove, MN is a small town located in the Midwest United States. The town is known for its natural beauty and surrounding lakes. It is also an affordable place to live, with the rent for a 2 bedroom apartment costing $870 compared to the US average of $1,430. Additionally, the grocery cost index in Lake Grove is 97 versus 100 in the US, making it relatively more affordable than most other places in the country. Local businesses include A&B Grocery Store, G&H General Store, and J&K Hardware Store. As such, Lake Grove offers its residents an excellent quality of life at an affordable cost of living compared to larger cities nearby.
Lake Grove has an unemployment rate of 8.1%. The US average is 6.0%.
Lake Grove has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 23.0%, which is lower than the US average of 33.5%.
Tax Rates for Lake Grove
- The Sales Tax Rate for Lake Grove is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lake Grove 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 Grove
- The average income of a Lake Grove resident is $22,022 a year. The US average is $28,555 a year.
- The Median household income of a Lake Grove resident is $64,375 a year. The US average is $69,021 a year.