Otto, MN is a popular town with many great attractions and local companies. It is located near several beautiful lakes which make it the perfect destination for outdoor activities like fishing, boating, and camping. The cost of living in Otto is lower than the US average; 2 bedroom rent is $880 compared to $1,430 nationally and the grocery cost index is 97 versus 100 in the US. Many of Otto's most popular businesses include Otto Hardware & Lumber which offers supplies for home improvement projects, Herberger's Super Valu Grocery Store, and Scenic Valley Campground which has over 30 RV sites available. There are also multiple churches in the area as well as recreational facilities such as a bowling alley and golf course. With all its amenities, Otto offers something for everyone who wants to settle down or take a weekend getaway.
Otto has an unemployment rate of 5.3%. The US average is 6.0%.
Otto 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 Otto
- The Sales Tax Rate for Otto is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Otto 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 Otto
- The average income of a Otto resident is $29,370 a year. The US average is $28,555 a year.
- The Median household income of a Otto resident is $71,250 a year. The US average is $69,021 a year.