Silver Lake, MN is a small town located in Minnesota. It is known for its close-knit community and stunning natural landscape. Because the population of Silver Lake is relatively small, the cost of living is lower than the national average. For example, 2 bedroom rent in Silver Lake is $1,170 compared to only $1,430 across the US. Additionally, grocery cost index in Silver Lake is 97 as opposed to 100 in the US. The local economy of Silver Lake revolves around tourism due to its beautiful landscape and proximity to attractions like Silverwood Theme Park. The area also has many restaurants, small businesses, entertainment venues such as cinemas and bowling alleys, and popular stores like Walmart that contribute to the economy. All these companies provide jobs for people in Silver Lake and help it prosper over time.
Silver Lake has an unemployment rate of 5.1%. The US average is 6.0%.
Silver Lake has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 19.8%, which is lower than the US average of 33.5%.
Tax Rates for Silver Lake
- The Sales Tax Rate for Silver Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Silver Lake 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 Lake
- The average income of a Silver Lake resident is $21,559 a year. The US average is $28,555 a year.
- The Median household income of a Silver Lake resident is $62,000 a year. The US average is $69,021 a year.