New Ulm, MN, with a population of just over 13,000 people, is an ideal place for those looking for an affordable cost of living. The average rent for a two-bedroom apartment in New Ulm is just $1,010 per month compared to the US average of $1,430. Grocery costs in New Ulm also come in below the national average with an index score of 97.
New Ulm offers plenty of opportunities for employment and business ownership alike. Popular local employers include 3M New Ulm Plant, Hy-Vee Distribution Center and Weigaard Electric Company. Additionally, small businesses are thriving along Minnesota Street downtown where you can find services such as spa salons, clothing boutiques and florists owned by members of the community.
New Ulm (zip 56073) has an unemployment rate of 4.8%. The US average is 6.0%.
New Ulm (zip 56073) has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 26.6%, which is lower than the US average of 33.5%.
Tax Rates for New Ulm (zip 56073)
- The Sales Tax Rate for New Ulm (zip 56073) is 7.9%. The US average is 7.3%.
- The Income Tax Rate for New Ulm (zip 56073) 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 New Ulm (zip 56073)
- The average income of a New Ulm (zip 56073) resident is $28,530 a year. The US average is $28,555 a year.
- The Median household income of a New Ulm (zip 56073) resident is $64,466 a year. The US average is $69,021 a year.