Newport, MN is a small town located near the Twin Cities. It is known for its quiet residential neighborhoods and excellent schools. The cost of living in Newport is very affordable when compared to other cities around the US. For example, the average two bedroom rent in Newport is $1,230 per month which is much lower than the US average of $1,430 per month. Additionally, the Grocery Cost Index in Newport is 100 which is equal to that of the US.
The local economy in Newport revolves around small businesses with a few larger local companies such as Rousch Enterprises Inc and H&R Block providing jobs for residents. As well as these larger companies there are also several family-run stores and restaurants throughout Newport offering unique products or services to their customers. All in all, Newport offers a very reasonable cost of living along with plenty of job opportunities making it an ideal place for those looking to settle down in a friendly environment.
Newport has an unemployment rate of 3.9%. The US average is 6.0%.
Newport has seen the job market decrease by -3.7% over the last year. Future job growth over the next ten years is predicted to be 36.4%, which is higher than the US average of 33.5%.
Tax Rates for Newport
- The Sales Tax Rate for Newport is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Newport 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 Newport
- The average income of a Newport resident is $33,384 a year. The US average is $37,638 a year.
- The Median household income of a Newport resident is $58,455 a year. The US average is $69,021 a year.