Medicine Lake, MN is a small town located 20 miles northwest of Minneapolis. It has a population of just over 5,000 and is known for its natural beauty and sense of community. Although it may be small in size, Medicine Lake is home to some big companies such as Target Corporation and UnitedHealth Group which together employ thousands of people in the area.
Living in Medicine Lake is affordable with 2 bedroom rent averaging $1,510 compared to the US average of $1,430. The cost index for groceries is also higher than the national average which makes it more expensive for residents here than other places in the country.
In addition to having great job opportunities and affordability, Medicine Lake offers a variety of recreational activities that make it an attractive place to live. From fishing and camping to boating on Medicine Lake itself or hiking at Theodore Wirth Park, there are plenty of ways to enjoy the great outdoors here. There's also the popular Elm Creek Park Reserve nearby offering another chance to explore nature’s offerings away from the hustle and bustle of city life.
Medicine Lake has an unemployment rate of 4.2%. The US average is 6.0%.
Medicine Lake has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.9%, which is higher than the US average of 33.5%.
Tax Rates for Medicine Lake
- The Sales Tax Rate for Medicine Lake is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Medicine Lake 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 Medicine Lake
- The average income of a Medicine Lake resident is $68,063 a year. The US average is $28,555 a year.
- The Median household income of a Medicine Lake resident is $117,083 a year. The US average is $69,021 a year.