Wells, MN is a small town in the southern part of Minnesota. It is considered to be an affordable place to live for those who are looking for lower cost of living. The average 2 bedroom rent is $850, which is substantially lower than the US average of $1,430. Additionally, the Grocery Cost Index in Wells, MN is 92 compared to 100 in the US. Despite its smaller size and population, Wells has a lot to offer such as local companies and organizations like Wells City Hall, Wells Farmer's Co-op and Creative Creations Catering. These places provide the locals with goods and services that make their lives easier.
Wells has an unemployment rate of 5.2%. The US average is 6.0%.
Wells 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 21.7%, which is lower than the US average of 33.5%.
Tax Rates for Wells
- The Sales Tax Rate for Wells is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Wells 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 Wells
- The average income of a Wells resident is $26,415 a year. The US average is $37,638 a year.
- The Median household income of a Wells resident is $47,383 a year. The US average is $69,021 a year.