Beaver Bay is a small town in Minnesota located near Lake Superior. With a population of only 556 people, Beaver Bay offers an idyllic countryside atmosphere while still providing easy access to larger cities such as Duluth and Minneapolis-St.Paul. The cost of living here is low with 2 bedroom rent averaging $1,080 compared to the US average of $1,430. Grocery costs are also about the same as the US index with an index of 100 versus 100 in the US.
In terms of employment opportunities, Beaver Bay offers great potential for those looking for work in nearby towns like Silver Bay and Two Harbors. Local businesses include Portside Coffee & Bakery, Papa Charlie's Pizza, and North Shore Liquor Store which is located right on Highway 61. Residents can also find local stores such as KJ’s Grocery and Nelsons General Store in nearby towns for all their grocery needs. Overall, Beaver Bay is a great place to live with easy access to amenities and low cost of living.
Beaver Bay (zip 55601) has an unemployment rate of 5.1%. The US average is 6.0%.
Beaver Bay (zip 55601) has seen the job market decrease by -7.7% 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 Beaver Bay (zip 55601)
- The Sales Tax Rate for Beaver Bay (zip 55601) is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Beaver Bay (zip 55601) 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 Beaver Bay (zip 55601)
- The average income of a Beaver Bay (zip 55601) resident is $50,019 a year. The US average is $37,638 a year.
- The Median household income of a Beaver Bay (zip 55601) resident is $73,750 a year. The US average is $69,021 a year.