New Sweden, MN is a small town located in the north-central region of the state. The cost of living in New Sweden is very affordable, with an average 2 bedroom rent being $950 compared to the US average rent of $1,430. Additionally, grocery costs are slightly lower than the national average index of 100 with a local index of 98. This makes it possible for residents to stretch their dollar, while businesses reap the benefits of a strong local economy. There are several businesses that make up this local economy including New Sweden Hardware, where locals can find supplies for home improvement projects; Lumberland Logging Company which provides timber to many industries; and Moselle Meats that provide locally sourced organic meats and poultry for restaurants and retailers. Together these companies contribute significantly to New Sweden's economic stability providing goods and services that benefit both residents and businesses alike.
New Sweden has an unemployment rate of 3.6%. The US average is 6.0%.
New Sweden has seen the job market increase by 3.3% over the last year. Future job growth over the next ten years is predicted to be 36.6%, which is higher than the US average of 33.5%.
Tax Rates for New Sweden
- The Sales Tax Rate for New Sweden is 7.4%. The US average is 7.3%.
- The Income Tax Rate for New Sweden 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 Sweden
- The average income of a New Sweden resident is $37,109 a year. The US average is $28,555 a year.
- The Median household income of a New Sweden resident is $94,583 a year. The US average is $69,021 a year.