Lake of the Woods, MN County is an attractive destination for those seeking a small-town lifestyle. With a cost of living index of 96, it is well below the national average and well below the average rent for a two-bedroom apartment in the U.S. which stands at $1430. Renting a two-bedroom in Lake of the Woods is just $910 per month, making it very affordable to live near this stunning lakefront setting. There are plenty of local businesses to explore such as Timberwolf Resort & Outfitting Co., Voyageur Boat Rentals, Zippel Bay Resort or Hi-Port Marina. With so much natural beauty and low costs, Lake of the Woods, MN County is an excellent place to call home.
Lake of the Woods County has an unemployment rate of 4.4%. The US average is 6.0%.
Lake of the Woods County has seen the job market decrease by -2.0% over the last year. Future job growth over the next ten years is predicted to be 16.5%, which is lower than the US average of 33.5%.
Tax Rates for Lake of the Woods County
- The Sales Tax Rate for Lake of the Woods County is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lake of the Woods County 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 Lake of the Woods County
- The average income of a Lake of the Woods County resident is $23,073 a year. The US average is $28,555 a year.
- The Median household income of a Lake of the Woods County resident is $55,913 a year. The US average is $69,021 a year.