The city of Minneapolis, MN (Zip Code 55408) has a two bedroom rental rate of $1,550, which is higher than the national average of $1,430. Additionally, the Grocery Cost Index in Minneapolis is 102 versus 100 nationally. This makes it more expensive to purchase essential items from local stores and supermarkets. Companies such as Lunds & Byerlys, Kowalski's Markets, Coborn's Inc., and Hy-Vee are some of the popular grocery stores located in Minneapolis that offer customers access to quality food at competitive prices. Other businesses in the area include Target for apparel and houseware items; Best Buy for electronics; and Ikea for furniture.
Minneapolis (zip 55408) has an unemployment rate of 4.5%. The US average is 6.0%.
Minneapolis (zip 55408) 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 55408)
- The Sales Tax Rate for Minneapolis (zip 55408) is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Minneapolis (zip 55408) 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 55408)
- The average income of a Minneapolis (zip 55408) resident is $34,062 a year. The US average is $28,555 a year.
- The Median household income of a Minneapolis (zip 55408) resident is $64,911 a year. The US average is $69,021 a year.