51531 Elk Horn, IA is a small city in Shelby County located in the western part of the state. The average 2 bedroom rent in this area is much lower than that of the US, at only $800 per month. Additionally, grocery costs here are also much cheaper than the national index of 100, with an index score of 96. The cost of living in this area is lower than many other places due to its rural location and small population size.
The city has many local companies including Millstream Manufacturing which produces custom cabinetry, Chad’s TV repair which services all types of electronics, and Kristofersen Farms which grows corn and soybeans in addition to raising cattle. Elk Horn is also known for its Danish culture as it was settled by Danish immigrants who brought their traditions with them to this area. Overall 51531 Elk Horn, IA offers a low cost of living with a strong sense of community while still providing access to necessary services such as shopping and repairs.
Elk Horn (zip 51531) has an unemployment rate of 3.5%. The US average is 6.0%.
Elk Horn (zip 51531) has seen the job market decrease by -7.6% over the last year. Future job growth over the next ten years is predicted to be 16.4%, which is lower than the US average of 33.5%.
Tax Rates for Elk Horn (zip 51531)
- The Sales Tax Rate for Elk Horn (zip 51531) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Elk Horn (zip 51531) is 9.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Elk Horn (zip 51531)
- The average income of a Elk Horn (zip 51531) resident is $32,345 a year. The US average is $37,638 a year.
- The Median household income of a Elk Horn (zip 51531) resident is $57,143 a year. The US average is $69,021 a year.