The Albert Lea, MN Metro Area is a great place to live for many people. The cost of living is quite low, with average two bedroom rent at $870 per month compared to the US average of $1,430. Plus, grocery prices are much lower than the national index of 100 - Albert Lea's index is 94. There are plenty of local businesses in the area offering employment opportunities and services. Some well-known companies in the area include Mayo Clinic Health System, Albert Lea Family YMCA, Hormel Foods Corporation, and Smithfield Foods Incorporated.
Albert Lea Metro Area has an unemployment rate of 4.5%. The US average is 6.0%.
Albert Lea Metro Area has seen the job market decrease by -1.3% over the last year. Future job growth over the next ten years is predicted to be 22.6%, which is lower than the US average of 33.5%.
Tax Rates for Albert Lea Metro Area
- The Sales Tax Rate for Albert Lea Metro Area is 7.7%. The US average is 7.3%.
- The Income Tax Rate for Albert Lea Metro Area 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 Albert Lea Metro Area
- The average income of a Albert Lea Metro Area resident is $32,760 a year. The US average is $37,638 a year.
- The Median household income of a Albert Lea Metro Area resident is $59,862 a year. The US average is $69,021 a year.