Redwood Falls, MN is a small town located in Minnesota with many great local companies such as Redwood Area Hospital, Heartland Express Inc., and Mid-Minnesota Federal Credit Union. The cost of living in this town is quite affordable compared to other places; for example, the rent for a two bedroom apartment is $830 per month while the same rent in the US is $1,430. Additionally, the grocery cost index in Redwood Falls is considerably lower than that of the US, being 95 versus 100 respectively. All these factors together make Redwood Falls an ideal place to live for those looking for affordability and a relaxed atmosphere.
Redwood Falls has an unemployment rate of 5.5%. The US average is 6.0%.
Redwood Falls has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 5.0%, which is lower than the US average of 33.5%.
Tax Rates for Redwood Falls
- The Sales Tax Rate for Redwood Falls is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Redwood 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 Redwood Falls
- The average income of a Redwood Falls resident is $27,753 a year. The US average is $37,638 a year.
- The Median household income of a Redwood Falls resident is $57,565 a year. The US average is $69,021 a year.