Preston Lake, MN is a small town in the Midwest with a population of several hundred people. It offers a quiet and peaceful suburban lifestyle while being close to nearby attractions and cities. The cost of living is low in Preston Lake compared to other places, with an average two-bedroom rent for $850 compared to $1,430 nationally. According to the Grocery Cost Index, groceries are also 4% cheaper in Preston Lake than in the US overall. Local companies include J&R Electronics, A+ Cleaning Services, and The Country Store. With its low cost of living and thriving local business community, Preston Lake offers great value for those looking for a relaxed suburban life that won't break the bank.
Preston Lake has an unemployment rate of 5.9%. The US average is 6.0%.
Preston Lake has seen the job market decrease by -1.4% over the last year. Future job growth over the next ten years is predicted to be 46.0%, which is higher than the US average of 33.5%.
Tax Rates for Preston Lake
- The Sales Tax Rate for Preston Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Preston 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 Preston Lake
- The average income of a Preston Lake resident is $35,030 a year. The US average is $37,638 a year.
- The Median household income of a Preston Lake resident is $55,893 a year. The US average is $69,021 a year.