55407 Minneapolis, MN is a great place to call home. With an average 2 bedroom rent of $1,340 per month, it is more affordable than the US median of $1,430. The cost of living in the area is also quite good as the Grocery Cost Index is 101 versus 100 nationally.
The area offers plenty of activities for families and individuals alike to enjoy. It's close to a number of popular stores and restaurants like Target, Macy's, Olive Garden and Red Lobster. There are also plenty of local businesses such as Muddy Paws Cheesecake, an artisanal bakery specializing in quality cheesecakes; Lela Boutiques, a boutique clothing store offering trendy styles for both men and women; and Yuki Sushi Bar & Grill which serves up some of the best sushi in town.
Furthermore, 55407 Minneapolis has plenty to offer those looking for outdoor recreation opportunities. Just minutes away from downtown you can find Minnehaha Park which offers stunning views of Minnehaha Creek while providing ample trails for biking or jogging. It’s also home to Meewasin Valley Park where one can relax by taking in picturesque views along the banks of South Saskatchewan River or explore nature trails through its lush forests.
55407 Minneapolis is truly an amazing place to live with something for everyone!
Minneapolis (zip 55407) has an unemployment rate of 4.5%. The US average is 6.0%.
Minneapolis (zip 55407) has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.7%, which is higher than the US average of 33.5%.
Tax Rates for Minneapolis (zip 55407)
- The Sales Tax Rate for Minneapolis (zip 55407) is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Minneapolis (zip 55407) 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 Minneapolis (zip 55407)
- The average income of a Minneapolis (zip 55407) resident is $24,644 a year. The US average is $28,555 a year.
- The Median household income of a Minneapolis (zip 55407) resident is $70,125 a year. The US average is $69,021 a year.