Tower, MN is a small community located near the Great Lakes region of Minnesota. Known for its stunning natural views and picturesque rocky bluffs, Tower provides its citizens with a unique quality of life. Local companies include Timber Lodge Steakhouse, Tower Family restaurant, and Park State Bank. The median rent for a two bedroom apartment in Tower is $1,230 per month, which is slightly lower than the US average of $1,430. Additionally, living in Tower is relatively economical as the grocery cost index is 99 compared to 100 in the US on average.
Tower has an unemployment rate of 4.8%. The US average is 6.0%.
Tower 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 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Tower
- The Sales Tax Rate for Tower is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Tower 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 Tower
- The average income of a Tower resident is $25,151 a year. The US average is $28,555 a year.
- The Median household income of a Tower resident is $46,875 a year. The US average is $69,021 a year.