Summit Lake, MN is a small but vibrant town located in the Midwest. It is home to several local businesses, such as Summit Lake Pizza, Edelen Farms Dairy Store, and Summit Lake Hardware. Despite its size, Summit Lake provides residents with all the amenities of larger towns at lower costs. The average two bedroom rental price in Summit Lake is $910 per month, while the same rental in the US costs an average of $1,430 per month. Additionally, grocery costs index in Summit Lake is 95 compared to 100 in the US. All these factors make living in Summit Lake a much more affordable option than other cities or towns in the area.
Summit Lake has an unemployment rate of 3.7%. The US average is 6.0%.
Summit Lake has seen the job market increase by 2.2% over the last year. Future job growth over the next ten years is predicted to be 22.7%, which is lower than the US average of 33.5%.
Tax Rates for Summit Lake
- The Sales Tax Rate for Summit Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Summit 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 Summit Lake
- The average income of a Summit Lake resident is $32,267 a year. The US average is $37,638 a year.
- The Median household income of a Summit Lake resident is $75,250 a year. The US average is $69,021 a year.