Trout Lake, MN is a small town located in northern Minnesota with an affordable cost of living. Rent for a two bedroom apartment is about $940 which is significantly lower than the national average of $1,430. Local grocery costs are also lower than the US average with an index score of 97 versus 100 in the US. The small town has many local businesses such as Trout Lake Hardware Store, Lakeside Floral & Gifts, and Big Bear Automotive that make it a great place for residents to shop and enjoy all that the area has to offer. All in all, Trout Lake, MN offers its residents a low cost of living and friendly atmosphere.
Trout Lake has an unemployment rate of 6.2%. The US average is 6.0%.
Trout Lake has seen the job market increase by 2.3% over the last year. Future job growth over the next ten years is predicted to be 20.5%, which is lower than the US average of 33.5%.
Tax Rates for Trout Lake
- The Sales Tax Rate for Trout Lake is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Trout 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 Trout Lake
- The average income of a Trout Lake resident is $28,382 a year. The US average is $28,555 a year.
- The Median household income of a Trout Lake resident is $73,750 a year. The US average is $69,021 a year.