Shorewood, MN is a desirable place to live due to its low cost of living and thriving economy. The 2 bedroom rent in Shorewood is $1,380 compared to the US average of $1,430 making it an affordable option for many people. Additionally, Shorewood has a grocery cost index of 108 versus 100 in the US; which means groceries are 8 percent cheaper than the national average. This makes it easier for families and individuals to afford everyday necessities. Small businesses, restaurants, and local companies such as Northland Financial Corporation and Jensen Motors are some of the main employers in town that contribute significantly to the local economy. With all these great benefits Shorewood is an attractive option for those looking for an affordable place with good job opportunities.
Shorewood has an unemployment rate of 4.2%. The US average is 6.0%.
Shorewood 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 Shorewood
- The Sales Tax Rate for Shorewood is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Shorewood 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 Shorewood
- The average income of a Shorewood resident is $76,370 a year. The US average is $37,638 a year.
- The Median household income of a Shorewood resident is $149,792 a year. The US average is $69,021 a year.