Lake Mary, MN is a small rural town located close to the Minnesota border. It has a population of about 500 people and encompasses an area of 10 square miles. Despite its small size, Lake Mary is a great place to live. It offers low rent rates of $870 for two bedroom apartments, which are significantly lower than the US average of $1430. Additionally, living expenses are cheaper in Lake Mary than they are in other parts of the country; the grocery cost index here is 100 versus what it would be nationally at 100 as well.
The local economy is centered around agriculture, with some popular local companies being King Oaks Dairy Farm and Green Acres Honey Company. King Oaks Dairy Farm produces high-quality dairy products such as cheese, milk, cream and butter while Green Acres Honey Company harvests honey from its own apiaries located nearby.
Lake Mary's friendly town atmosphere also provides locals with ample opportunities for outdoor recreation such as hiking, biking and fishing. The community is known for its strong sense of local pride and cultural heritage that have been passed down from generation to generation.
Lake Mary has an unemployment rate of 4.1%. The US average is 6.0%.
Lake Mary 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 Lake Mary
- The Sales Tax Rate for Lake Mary is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Lake Mary 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 Mary
- The average income of a Lake Mary resident is $28,190 a year. The US average is $28,555 a year.
- The Median household income of a Lake Mary resident is $95,192 a year. The US average is $69,021 a year.