Albany, Minnesota, located in zip code 56307 is a small town with a population of about 1,700 people. It offers an affordable cost of living when compared to the rest of the United States. The average 2 bedroom rent is only $820 dollars compared to US average of $1,430, and the Grocery Cost Index being 98 versus 100 in the US. This makes Albany a great place for those looking for a lower-cost alternative.
The town has many local companies and businesses that happily serve its residents. Businesses such as Lawrence O’Brien Tile & Marble Co., Mel’s Bar & Grill, Rochester Electronics, and Wixom Distributing are all popular choices among locals. Albany also offers plenty of recreational opportunities like Riverfront Park or golf courses at Wild Marsh Golf Club or Valley Golf Course & Driving Range. These local businesses offer great services and there is something for everyone in this small town!
Albany (zip 56307) has an unemployment rate of 4.7%. The US average is 6.0%.
Albany (zip 56307) has seen the job market decrease by -2.4% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Albany (zip 56307)
- The Sales Tax Rate for Albany (zip 56307) is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Albany (zip 56307) 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 Albany (zip 56307)
- The average income of a Albany (zip 56307) resident is $34,584 a year. The US average is $37,638 a year.
- The Median household income of a Albany (zip 56307) resident is $80,859 a year. The US average is $69,021 a year.