\nSilver, MN is a small town located in the midwest that offers its residents many amenities. The cost of living in Silver is very affordable with a 2-bedroom rent of $1,050 compared to the US average for a 2-bedroom at $1,430. Additionally, groceries are also more affordable in Silver with an index rating of 97 as opposed to 100 in the US.
As a suburb of Minneapolis, there are plenty of opportunities for employment with businesses like Target Corporation and UnitedHealth Group having headquarters nearby. Furthermore local companies such as Scandia Grove Nursery and Country Store and Birch Creek Alpacas offer unique shopping experiences for residents of Silver.
Overall Silver is an affordable alternative to big cities like Minneapolis thanks to its lower cost of living and access to large companies without all the hustle and bustle.
Silver has an unemployment rate of 5.3%. The US average is 6.0%.
Silver has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 30.6%, which is lower than the US average of 33.5%.
Tax Rates for Silver
- The Sales Tax Rate for Silver is 7.9%. The US average is 7.3%.
- The Income Tax Rate for Silver 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 Silver
- The average income of a Silver resident is $20,848 a year. The US average is $28,555 a year.
- The Median household income of a Silver resident is $63,500 a year. The US average is $69,021 a year.