Spring Park, MN is a prosperous small town with many local businesses. A few of these include B&B Hardware, Spring Park Bakery, and The Green Grocery. The cost of living in Spring Park is lower than the US average in almost every category. Specifically rental costs for a 2 bedroom apartment are $1,390 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Spring Park is 105 versus 100 in the US. With its low cost of living and numerous businesses, Spring Park provides an excellent place to live for those looking for an affordable community with plenty of amenities.
Spring Park has an unemployment rate of 4.2%. The US average is 6.0%.
Spring Park has seen the job market decrease by -3.6% 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 Spring Park
- The Sales Tax Rate for Spring Park is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Spring Park 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 Spring Park
- The average income of a Spring Park resident is $54,240 a year. The US average is $37,638 a year.
- The Median household income of a Spring Park resident is $47,117 a year. The US average is $69,021 a year.