Economy in Rochester, MN

Rochester, MN is a vibrant city with plenty of companies, attractions, and local amenities. Local companies like Mayo Clinic, IBM, and Verizon play important roles in the region's economy. Rochester also offers residents outdoor activities like golfing, fishing, and biking along the Zumbro River. The cost of living in Rochester is very reasonable; the median 2 bedroom rent rate is $1,240 which is significantly lower than the US average of $1,430. Additionally, grocery costs are comparable to the national average at an index score of 100 for both Rochester and the US. With its plentiful job opportunities and wide range of activities to explore, Rochester continues to be a great place to live.

Rochester has an unemployment rate of 3.6%. The US average is 6.0%.

Rochester 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 34.7%, which is higher than the US average of 33.5%.

Tax Rates for Rochester
- The Sales Tax Rate for Rochester is 8.1%. The US average is 7.3%.
- The Income Tax Rate for Rochester 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 Rochester
- The average income of a Rochester resident is $33,625 a year. The US average is $28,555 a year.
- The Median household income of a Rochester resident is $79,159 a year. The US average is $69,021 a year.