Stephen, Minnesota is a small town with plenty of local charm and amenities. It has a low cost of living compared to the national average, making it an attractive destination for those who want to save money on rent and grocery costs. The average two-bedroom apartment in Stephen can be rented for just $800 per month, significantly lower than the national average of $1,430 per month. Groceries are also substantially cheaper in Stephen – the city's grocery cost index is 93 versus 100 in the US.
The city is home to numerous local businesses such as Bremer Bank, Stephen Community Healthcare Center, and Vision Technologies Solutions LLC. There are nearby recreational opportunities offered by Pelican Lake Park, Kimball Golf Course & Country Club, and several other parks. In short – Stephen offers a unique combination of low-cost living and plenty of local amenities.
Stephen has an unemployment rate of 6.6%. The US average is 6.0%.
Stephen 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 12.9%, which is lower than the US average of 33.5%.
Tax Rates for Stephen
- The Sales Tax Rate for Stephen is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Stephen 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 Stephen
- The average income of a Stephen resident is $29,312 a year. The US average is $28,555 a year.
- The Median household income of a Stephen resident is $70,781 a year. The US average is $69,021 a year.