Royal, MN is a small town located in the Midwestern part of the United States. It has a population of around 1,000 people and is known for its affordability and charm. Rent for two bedroom dwellings in Royal, MN is significantly lower than the national average, coming in at $750 compared to $1,430 in the US. Additionally, grocery costs are relatively low with an index of 93 versus 100 nationally.
The economy of Royal, MN consists primarily of small businesses that serve the local community. Some examples include Dan's Auto Repair, Royal Pizza Parlor, and Hanson's Carpeting Store. These companies offer essential products and services to residents in the area. In addition to these establishments there are also banks and restaurants in the area that provide further amenities to locals.
Overall, Royal, MN is an affordable place to live with plenty of convenient local businesses and amenities for its citizens to enjoy.
Royal has an unemployment rate of 5.7%. The US average is 6.0%.
Royal 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 22.3%, which is lower than the US average of 33.5%.
Tax Rates for Royal
- The Sales Tax Rate for Royal is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Royal 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 Royal
- The average income of a Royal resident is $28,348 a year. The US average is $28,555 a year.
- The Median household income of a Royal resident is $78,438 a year. The US average is $69,021 a year.