Newton, MN is a great place to live for those looking for an affordable and comfortable place to call home. With a two bedroom rent of only $880, it's much less than the national average of $1,430. This makes it a great option for individuals or families looking to save money on housing costs. The cost of living in Newton is also lower than the US average due to its low grocery cost index of 95 versus 100 nationally. For those looking to live in Newton, there are plenty of local companies who contribute to its economy. There are several manufacturing companies such as Rockwell Automation and 3M that have employment opportunities in the area. Additionally, there are several small businesses such as restaurants and retail stores located in the town's downtown area that bring jobs and life into the community. Newton is an ideal place for people seeking an affordable yet comfortable environment with plenty of job options available!
Newton has an unemployment rate of 5.3%. The US average is 6.0%.
Newton has seen the job market increase by 2.6% over the last year. Future job growth over the next ten years is predicted to be 34.5%, which is higher than the US average of 33.5%.
Tax Rates for Newton
- The Sales Tax Rate for Newton is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Newton 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 Newton
- The average income of a Newton resident is $26,672 a year. The US average is $28,555 a year.
- The Median household income of a Newton resident is $76,607 a year. The US average is $69,021 a year.