Milford, MN is a small town located in the south-central part of the state. It's an ideal location for those that desire to be close to larger cities while still enjoying a relaxed and peaceful atmosphere. The cost of living is quite reasonable, and two-bedroom rent is only $1,000 compared to the US average of $1,430. Grocery costs are also about 3% lower than the national average. Local companies include Milford Bank, Armstrong Telecommunications, and South Central Motors. All three businesses have been trusted members of the community for many years.
Milford has an unemployment rate of 4.8%. The US average is 6.0%.
Milford has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 26.6%, which is lower than the US average of 33.5%.
Tax Rates for Milford
- The Sales Tax Rate for Milford is 7.9%. The US average is 7.3%.
- The Income Tax Rate for Milford 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 Milford
- The average income of a Milford resident is $36,998 a year. The US average is $28,555 a year.
- The Median household income of a Milford resident is $87,813 a year. The US average is $69,021 a year.