Velva, ND is an idyllic small town situated in the heart of North Dakota. With a population of just over 1,000 people, it's a peaceful place to call home. The city offers modern amenities such as high-speed internet and cable service. In addition, its low cost of living makes it attractive for those looking for affordable housing. The average cost of renting a two bedroom apartment in Velva is $850 compared to the national average of $1430 - making Velva one of the most affordable towns in the state. Grocery costs are also inexpensive with an index score of 98 versus 100 in the US.
The city is home to many local businesses such as Velva Lumber & Supply Co., Farmers Union Oil Company and Signature Bank & Trust Company. Velva also has plenty of recreational activities such as hunting, fishing and golfing at Sunnyslope Country Club. Residents enjoy easy access to nearby Minot International Airport, one of the busiest airports in the region. All these features combine to make Velva an ideal place to live or visit for a weekend getaway!
Velva has an unemployment rate of 6.8%. The US average is 6.0%.
Velva has seen the job market decrease by -4.3% over the last year. Future job growth over the next ten years is predicted to be 19.1%, which is lower than the US average of 33.5%.
Tax Rates for Velva
- The Sales Tax Rate for Velva is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Velva is 2.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Velva
- The average income of a Velva resident is $24,041 a year. The US average is $28,555 a year.
- The Median household income of a Velva resident is $63,750 a year. The US average is $69,021 a year.