Mount Vernon, SD is a small town located in the southeast corner of South Dakota. It is home to many small businesses, including Valley Motors, Royal Auto Sales, and Morris Auctions. With a population of just over 1000 people, the cost of living in Mount Vernon is substantially lower than in other parts of the country. For example, the average two-bedroom rent is $850 compared to $1,430 nationally. Additionally, grocery costs are also lower with an index score of 98 versus 100 for the US as a whole. This makes it significantly cheaper to live in Mount Vernon compared to other areas and ideal for those looking to save money on their day-to-day expenses.
Mount Vernon has an unemployment rate of 2.9%. The US average is 6.0%.
Mount Vernon has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 20.8%, which is lower than the US average of 33.5%.
Tax Rates for Mount Vernon
- The Sales Tax Rate for Mount Vernon is 4.5%. The US average is 7.3%.
- The Income Tax Rate for Mount Vernon 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 Mount Vernon
- The average income of a Mount Vernon resident is $20,247 a year. The US average is $28,555 a year.
- The Median household income of a Mount Vernon resident is $52,794 a year. The US average is $69,021 a year.