Wadena, MN is a small town located in Minnesota that offers affordable housing options to its residents. The average two bedroom rent in Wadena is $830 per month, which is significantly lower than the U.S. average of $1,430 per month. Additionally, the grocery cost index in Wadena is 93 whereas it is 100 on average in the US. This indicates that overall living costs are generally lower in Wadena than in other parts of the country.
The local economy is supported by major companies such as Grand Casino Mille Lacs and Wadena State Bank as well as several smaller businesses in hospitality and retail sectors. These businesses provide employment for many people who enjoy living and working within a charming small town setting while not compromising on financial security due to the relatively low cost of living in Wadena compared to other areas of Minnesota and the rest of the United States.
Wadena has an unemployment rate of 6.9%. The US average is 6.0%.
Wadena has seen the job market decrease by -1.2% over the last year. Future job growth over the next ten years is predicted to be 4.3%, which is lower than the US average of 33.5%.
Tax Rates for Wadena
- The Sales Tax Rate for Wadena is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Wadena 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 Wadena
- The average income of a Wadena resident is $19,639 a year. The US average is $28,555 a year.
- The Median household income of a Wadena resident is $41,277 a year. The US average is $69,021 a year.