Racine, Minnesota is a small city located in the Southern region of the state. It is a great place to live, work, and raise a family due to its affordable housing options. On average, rents for two bedroom apartments are $900 per month, which is much lower than the national average of $1,430. Additionally, the Grocery Cost Index in Racine is 98 compared to 100 US-wide.
The economy in Racine is strong and local businesses are thriving. Notable companies include Kowalski’s Market, Johnson Brothers Corporation and Polytech Plastics Inc. Kowalski’s Market offers an extensive selection of quality products at competitive prices. Johnson Brothers Corporation produces custom-designed architectural products such as garage doors and windows while Polytech Plastics Inc manufactures high performing plastic components for industries such as aerospace and medical technology.
Racine has an unemployment rate of 4.2%. The US average is 6.0%.
Racine has seen the job market increase by 0.5% over the last year. Future job growth over the next ten years is predicted to be 29.7%, which is lower than the US average of 33.5%.
Tax Rates for Racine
- The Sales Tax Rate for Racine is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Racine 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 Racine
- The average income of a Racine resident is $25,244 a year. The US average is $28,555 a year.
- The Median household income of a Racine resident is $76,328 a year. The US average is $69,021 a year.