Tonka Bay, MN is a small town located along the shores of Lake Minnetonka. Residents enjoy access to beautiful views and many local parks. There are some small businesses in Tonka Bay such as Tonka Bay Pharmacy, Holly's Tea Room, and Lakeside Floral. The cost of living in Tonka Bay is below the US average with rent at $1,380 for a two bedroom apartment compared to the US average of $1,430. Similarly, groceries are slightly less expensive with the grocery cost index in Tonka Bay at 109 versus 100 in the US.
Tonka Bay has an unemployment rate of 4.2%. The US average is 6.0%.
Tonka Bay has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.9%, which is higher than the US average of 33.5%.
Tax Rates for Tonka Bay
- The Sales Tax Rate for Tonka Bay is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Tonka Bay 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 Tonka Bay
- The average income of a Tonka Bay resident is $68,370 a year. The US average is $28,555 a year.
- The Median household income of a Tonka Bay resident is $141,000 a year. The US average is $69,021 a year.