Lake Ida, MN is a small town located just east of Alexandria with a population of about 500 people. The cost of living in Lake Ida is lower than the US average, which is reflected in its 2 bedroom rent rate of $960 compared to the US rate of $1,430 as well as its Grocery Cost Index which was 93 versus 100 in the US. Popular local businesses include Lake Ida Lumber & Hardware, Kwik Trip gas station and convenience store, and Bob’s Family Restaurant. All three are family-owned and operated businesses that have been around for over 25 years. Lake Ida offers residents an affordable lifestyle with easy access to basic amenities and services needed to live comfortably.
Lake Ida has an unemployment rate of 5.7%. The US average is 6.0%.
Lake Ida has seen the job market decrease by -2.0% over the last year. Future job growth over the next ten years is predicted to be 17.2%, which is lower than the US average of 33.5%.
Tax Rates for Lake Ida
- The Sales Tax Rate for Lake Ida is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lake Ida 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 Ida
- The average income of a Lake Ida resident is $26,154 a year. The US average is $28,555 a year.
- The Median household income of a Lake Ida resident is $98,125 a year. The US average is $69,021 a year.