Cottonwood, MN (56229) is a wonderful place to call home. The 2 bedroom rent in this area is $820, which is significantly lower than the national average of $1,430. This cost of living paired with the grocery cost index being 96 versus the national average of 100 make Cottonwood an affordable and attractive place to live.
There are many great companies in Cottonwood that contribute to the economy and provide employment opportunities for local residents. Some of these companies include Cottonwood County Co-op, Pohlman Woodworking, Cottonwood Medical Center, and Cottonwood Community Credit Union. All of these businesses offer high quality products and services while providing competitive wages and benefits for their employees which makes them excellent places to work.
The combination of low cost of living, great local businesses, and plenty of employment opportunities make Cottonwood an excellent place to live for those looking for a comfortable lifestyle in an affordable area.
Cottonwood (zip 56229) has an unemployment rate of 4.2%. The US average is 6.0%.
Cottonwood (zip 56229) 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 22.0%, which is lower than the US average of 33.5%.
Tax Rates for Cottonwood (zip 56229)
- The Sales Tax Rate for Cottonwood (zip 56229) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Cottonwood (zip 56229) 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 Cottonwood (zip 56229)
- The average income of a Cottonwood (zip 56229) resident is $39,644 a year. The US average is $37,638 a year.
- The Median household income of a Cottonwood (zip 56229) resident is $85,365 a year. The US average is $69,021 a year.