Minnesota State is a beautiful state filled with many opportunities. Rent for a two-bedroom apartment in Minnesota is more affordable than the national average, at $1,240 compared to $1,430. The Grocery Cost Index in Minnesota is also lower than the national average, coming in at 97 versus 100 in the US. Local companies that are popular in Minnesota include Target Corporation, 3M Company, UnitedHealth Group Incorporated, Best Buy Co., Inc., and CHS Inc. There are numerous other businesses located throughout the state that provide residents with employment and resources.
Minnesota has an unemployment rate of 4.5%. The US average is 6.0%.
Minnesota has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
Tax Rates for Minnesota
- The Sales Tax Rate for Minnesota is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Minnesota 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 Minnesota
- The average income of a Minnesota resident is $31,642 a year. The US average is $28,555 a year.
- The Median household income of a Minnesota resident is $77,706 a year. The US average is $69,021 a year.