Owatonna, MN Metro Area is a vibrant community situated in the Midwest region of the United States. This popular metro area is home to some of the most iconic local businesses such as Owatonna Tool Company, Park Industries, and Mediacom Communications Corporation. In addition to its many companies, Owatonna offers plenty of entertainment and recreational activities including Valleyfair Amusement Park, Southbridge Mall, and several parks within the city limits. The area also has an array of educational opportunities with two major universities nearby; Winona State University and Minnesota State University – Mankato. Residents enjoy renting in this area due to its affordable 2 Bedroom rental prices at $940 which is significantly lower than the US average of $1,430. Furthermore, those living in Owatonna benefit from low grocery costs with an index rating of 96 compared to 100 nationally. All these advantages make Owatonna a great place to live for families and young professionals alike.
Owatonna Metro Area has an unemployment rate of 4.9%. The US average is 6.0%.
Owatonna Metro Area has seen the job market decrease by -6.2% over the last year. Future job growth over the next ten years is predicted to be 14.8%, which is lower than the US average of 33.5%.
Tax Rates for Owatonna Metro Area
- The Sales Tax Rate for Owatonna Metro Area is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Owatonna 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 Owatonna Metro Area
- The average income of a Owatonna Metro Area resident is $36,897 a year. The US average is $37,638 a year.
- The Median household income of a Owatonna Metro Area resident is $73,468 a year. The US average is $69,021 a year.