Litchfield, MN (55355) is a small city with a population of about 8,000 people. The average two bedroom rent in this area is $900 which is significantly lower than the US average of $1,430. The grocery cost index here is also quite low at 96 compared to the 100 in the US.
The city has several major companies such as Litchfield Public Schools, Meeker Memorial Hospital, Bank Midwest and Felling Trailer Sales & Service that provide local employment opportunities. In addition, there are other local businesses such as restaurants and retail stores that help to sustain the economy of this city.
In conclusion, 55355 Litchfield, MN is an affordable area to live with plenty of job and business opportunities available for its residents. The low two bedroom rent and grocery cost index make it ideal for those looking to find housing on a budget or save on groceries.
Litchfield (zip 55355) has an unemployment rate of 5.2%. The US average is 6.0%.
Litchfield (zip 55355) has seen the job market increase by 1.2% over the last year. Future job growth over the next ten years is predicted to be 26.8%, which is lower than the US average of 33.5%.
Tax Rates for Litchfield (zip 55355)
- The Sales Tax Rate for Litchfield (zip 55355) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Litchfield (zip 55355) 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 Litchfield (zip 55355)
- The average income of a Litchfield (zip 55355) resident is $27,305 a year. The US average is $28,555 a year.
- The Median household income of a Litchfield (zip 55355) resident is $61,367 a year. The US average is $69,021 a year.