Severance, MN is a small town located in Minnesota with a close-knit community. It offers many amenities such as a local hospital, schools, restaurants, and convenience stores. Rent for a two-bedroom apartment in Severance is quite affordable at $1,000 a month compared to the national average of $1430. Grocery Cost Index in Severance is also lower than the US average at 95 versus 100 respectively. The cost of living overall is quite low making it an attractive place to live for both families and individuals. In terms of businesses, there are several local companies that operate within the town such as Ace Hardware Store, Severance Liquor Store, and Decorah Auto Repair Service.
Severance has an unemployment rate of 5.3%. The US average is 6.0%.
Severance has seen the job market decrease by -2.9% over the last year. Future job growth over the next ten years is predicted to be 29.8%, which is lower than the US average of 33.5%.
Tax Rates for Severance
- The Sales Tax Rate for Severance is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Severance 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 Severance
- The average income of a Severance resident is $36,343 a year. The US average is $37,638 a year.
- The Median household income of a Severance resident is $67,500 a year. The US average is $69,021 a year.