Bingham Lake, MN is a small town in Minnesota with a population of just over 300. The rent for two bedroom apartments in Bingham Lake is surprisingly affordable at $970 per month. This is significantly lower than the national average of $1,430 per month for 2 bedroom apartments. Additionally, prices of groceries in Bingham Lake are 95 on the index versus 100 for the US average.
The small, rural town of Bingham Lake contains primarily agricultural land and farmland. There are several local stores and businesses to choose from when looking for necessities like fuel, food, and hardware supplies. Examples include Lueck's General Store & Services for your everyday needs; B&M Repair & Fabrication for automotive services; and Valley View Bar & Grill for a bite to eat.
Bingham Lake (zip 56118) has an unemployment rate of 4.1%. The US average is 6.0%.
Bingham Lake (zip 56118) has seen the job market increase by 4.8% over the last year. Future job growth over the next ten years is predicted to be 12.8%, which is lower than the US average of 33.5%.
Tax Rates for Bingham Lake (zip 56118)
- The Sales Tax Rate for Bingham Lake (zip 56118) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Bingham Lake (zip 56118) 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 Bingham Lake (zip 56118)
- The average income of a Bingham Lake (zip 56118) resident is $36,010 a year. The US average is $37,638 a year.
- The Median household income of a Bingham Lake (zip 56118) resident is $79,861 a year. The US average is $69,021 a year.