\nSalo, MN is a small town located in the state of Minnesota with a median rent price for two-bedroom apartments at $870. This is significantly lower than the US median rent price of $1,430 for two-bedroom apartments. Grocery costs in Salo are also relatively low compared to the US average with a grocery cost index of 97 versus 100 throughout the country. As such, Salo has an overall lower cost of living as compared to many other areas in the United States.
The city has several local businesses that support its economy. Companies such as Anderson Lumber Co., Feeds Plus Inc., and Hommes Store Fixtures have been staples in the community for generations. These businesses provide employment opportunities to community members and contribute to the economic well-being of Salo’s population.
Overall, Salo, MN is an affordable place to live with a low cost of living as compared to other parts of the country. The presence of local businesses provides job security for residents and ensures that they can afford all their necessary expenses while still enjoying the great outdoors and recreational activities that make this area so special.
Salo has an unemployment rate of 7.1%. The US average is 6.0%.
Salo has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 37.5%, which is higher than the US average of 33.5%.
Tax Rates for Salo
- The Sales Tax Rate for Salo is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Salo 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 Salo
- The average income of a Salo resident is $26,619 a year. The US average is $37,638 a year.
- The Median household income of a Salo resident is $45,625 a year. The US average is $69,021 a year.