Wayzata, MN is located in Hennepin County and is considered a suburb of Minneapolis. It is known for its beautiful lakeside views, high-end boutiques, and a number of local businesses such as Table Salt restaurant, Stahlke’s Bakery & Cafe, Red Door boutique clothing store, and Wayzata Marine. The cost of living in this city is higher than the national average with rent for two bedroom apartments costing $1,880 compared to $1,430 for the US on average. Grocery Cost Index in Wayzata is 109 versus 100 nationwide. Thus, Wayzata offers an attractive lifestyle but at a higher cost than other parts of the United States.
Wayzata has an unemployment rate of 4.2%. The US average is 6.0%.
Wayzata 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 Wayzata
- The Sales Tax Rate for Wayzata is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Wayzata 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 Wayzata
- The average income of a Wayzata resident is $60,681 a year. The US average is $28,555 a year.
- The Median household income of a Wayzata resident is $94,097 a year. The US average is $69,021 a year.