Minnesota, SD is a relatively affordable state to live in. The average two bedroom rent price is just $810 per month, which is significantly lower than the national average of $1,430. Similarly, the grocery cost index is 95 versus 100 in the US. This makes it a great location for those on a budget or looking to save some money. Local companies that are located in Minnesota, SD include Graco Inc., Hormel Foods Corporation, and Medtronic plc. These companies are major players within Minnesota's local economy and provide many jobs for Minnesotans. Overall, Minnesota has become an attractive place to live with its affordability and diverse job opportunities, making it an ideal spot to call home.
Minnesota has an unemployment rate of 5.5%. The US average is 6.0%.
Minnesota has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 22.0%, which is lower than the US average of 33.5%.
Tax Rates for Minnesota
- The Sales Tax Rate for Minnesota is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Minnesota is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Minnesota
- The average income of a Minnesota resident is $60,833 a year. The US average is $28,555 a year.
- The Median household income of a Minnesota resident is $80,625 a year. The US average is $69,021 a year.