Aitkin, Minnesota is a small city of roughly 2,000 people located in the east central portion of the state. The two bedroom rent in Aitkin is $840 compared to the US average of $1,430. Grocery cost index in Aitkin is 98 versus 100 in the US.
There are several local companies that make up the economy of Aitkin including Home Federal Bank of Minnesota, Aitkin Plastics Inc., and Aitkin County Abstract & Title Co. All three businesses provide residents with job opportunities and contribute to the local economy.
Rent prices in Aitkin are lower than the national average due to its smaller size. With fewer people living here, housing prices tend to be more affordable for those looking to move into the area or establish a second home here. An individual renting a two-bedroom apartment would pay only $840 compared to over double elsewhere in the country.
Aitkin (zip 56431) has an unemployment rate of 7.1%. The US average is 6.0%.
Aitkin (zip 56431) has seen the job market increase by 2.8% over the last year. Future job growth over the next ten years is predicted to be 37.5%, which is higher than the US average of 33.5%.
Tax Rates for Aitkin (zip 56431)
- The Sales Tax Rate for Aitkin (zip 56431) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Aitkin (zip 56431) 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 Aitkin (zip 56431)
- The average income of a Aitkin (zip 56431) resident is $26,626 a year. The US average is $28,555 a year.
- The Median household income of a Aitkin (zip 56431) resident is $54,051 a year. The US average is $69,021 a year.