Red Lake Falls, MN is a small city located in Northwestern Minnesota. With a population of just over 1,500 people, the cost of living is much lower than the national average making it an attractive place to live. A two bedroom apartment can be rented in Red Lake Falls for $820 compared to the US average of $1,430 per month. Additionally, the Grocery Cost Index for Red Lake Falls is 95 versus 100 in the US. Local companies include Rockwood Realty Group and Red Lake Petroleum. The local economy is strongly supported by farming and agriculture as well as some light industry. Residents enjoy an easy-going lifestyle with plenty of outdoor activities in nearby parks and recreation areas like Trout Lake Park and Raymond Beach Park.
Red Lake Falls has an unemployment rate of 6.0%. The US average is 6.0%.
Red Lake Falls has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 15.7%, which is lower than the US average of 33.5%.
Tax Rates for Red Lake Falls
- The Sales Tax Rate for Red Lake Falls is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Red Lake Falls 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 Red Lake Falls
- The average income of a Red Lake Falls resident is $24,187 a year. The US average is $28,555 a year.
- The Median household income of a Red Lake Falls resident is $53,125 a year. The US average is $69,021 a year.