Norway Lake, Minnesota is a small city located about 140 miles northwest of Minneapolis. It is home to many local businesses such as D&R Supply Co., Norway Lake Hardware, and Norway Lake Local Grocer. According to Numbeo, the cost of living in Norway Lake is lower than the US average, with a grocery cost index at 98 versus 100 in the US. Furthermore, 2 bedroom rents are significantly less than most other areas in the country; averaging around $850 per month compared to the US average of $1,430 (Rent Café). This affordability makes it an ideal location for individuals or families looking for a peaceful and tranquil area to call home.
Norway Lake has an unemployment rate of 4.9%. The US average is 6.0%.
Norway Lake 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 Norway Lake
- The Sales Tax Rate for Norway Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Norway Lake 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 Norway Lake
- The average income of a Norway Lake resident is $30,480 a year. The US average is $28,555 a year.
- The Median household income of a Norway Lake resident is $69,231 a year. The US average is $69,021 a year.