New London, MN is a small town located in Kandiyohi County. It has a strong sense of community and numerous local businesses that serve the area. Two major employers are New London Family Foods and The Cedar Corporation. Other local companies include an independent pharmacy, several auto repair shops, a gas station, and multiple restaurants. With affordable rent at $840 for 2 bedrooms, New London is an attractive place to live. In addition to reasonable rental rates, groceries are also inexpensive with a Grocery Cost Index of 98 versus the US benchmark of 100. This makes living in New London even more appealing for those who value cost-effectiveness.
New London has an unemployment rate of 4.9%. The US average is 6.0%.
New London has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 37.1%, which is higher than the US average of 33.5%.
Tax Rates for New London
- The Sales Tax Rate for New London is 6.9%. The US average is 7.3%.
- The Income Tax Rate for New London 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 New London
- The average income of a New London resident is $21,365 a year. The US average is $28,555 a year.
- The Median household income of a New London resident is $62,269 a year. The US average is $69,021 a year.