Wood Lake Township, MN is a small suburb of Minnesota located in the Minneapolis area. It is known for its low cost of living which is evident from its comparatively lower housing and grocery costs compared to the US averages. For example, 2 bedroom rents are $830 in Wood Lake Township while it is $1,430 in the US on average, and the grocery cost index here is 94 as opposed to 100 in the US. This makes it an attractive place to live for people looking for a budget-friendly area with all necessary amenities closeby.
The area has many local companies such as Wood Lake Market Grocery Store, Wood Lake Auto Care Center, and The Fish Hook Bar & Grill. There are also numerous parks and recreational areas in Wood Lake Township for families to enjoy outdoor activities together including Cedar Park, Long Lake Park and City Square Park. Overall, this township offers a great balance between budget-friendly living and modern amenities making it an ideal place for young couples or retirees alike.
Wood Lake township has an unemployment rate of 4.4%. The US average is 6.0%.
Wood Lake township 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 14.9%, which is lower than the US average of 33.5%.
Tax Rates for Wood Lake township
- The Sales Tax Rate for Wood Lake township is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Wood Lake township 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 Wood Lake township
- The average income of a Wood Lake township resident is $34,613 a year. The US average is $28,555 a year.
- The Median household income of a Wood Lake township resident is $73,750 a year. The US average is $69,021 a year.