Luxemburg, MN is a small town located about an hour from the Twin Cities. The population is small but growing with many new families moving to the area. It’s known for its tight-knit community, with plenty of local businesses such as Tinklenberg Farms, Ace Hardware Luxemburg Store, and Luxemburg Fruit Market. The cost of living in Luxemburg is much lower than the US average, with 2 bedroom rents averaging around $850 compared to $1430 in the US and a grocery cost index of 98 versus 100 in the US. This makes it an attractive option for those looking to live affordably while still feeling part of a warm community.
Luxemburg has an unemployment rate of 4.7%. The US average is 6.0%.
Luxemburg has seen the job market decrease by -2.4% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Luxemburg
- The Sales Tax Rate for Luxemburg is 7.6%. The US average is 7.3%.
- The Income Tax Rate for Luxemburg 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 Luxemburg
- The average income of a Luxemburg resident is $40,704 a year. The US average is $37,638 a year.
- The Median household income of a Luxemburg resident is $79,375 a year. The US average is $69,021 a year.