Lowell, MN is a small town located in Olmsted County with a population of about 3,000 people. The town offers a variety of amenities such as parks, schools, stores and restaurants. Lowell residents enjoy numerous outdoor activities as well as access to nearby major cities such as Minneapolis and Saint Paul. Local companies include the Lowe’s Grocery Store, Heritage Bank and KFC Restaurant. The cost of living in Lowell is very reasonable and affordable making it an ideal place for families to live in. For example, the average 2 bedroom rent in Lowell is $800 compared to $1,430 nationally while the groceries cost index is 96 versus 100 in the US.
Lowell has an unemployment rate of 4.9%. The US average is 6.0%.
Lowell 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 24.2%, which is lower than the US average of 33.5%.
Tax Rates for Lowell
- The Sales Tax Rate for Lowell is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Lowell 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 Lowell
- The average income of a Lowell resident is $37,089 a year. The US average is $28,555 a year.
- The Median household income of a Lowell resident is $96,250 a year. The US average is $69,021 a year.