The city of Detroit Lakes in Minnesota has a much lower cost of living than the U.S. average. The 2 bedroom rent in Detroit Lakes, MN is $890 compared to the national average of $1,430. Additionally, the grocery cost index for Detroit Lakes is 100 compared to the US baseline of 100. With such affordable housing and groceries, Detroit Lakes is an ideal place to live for families on a budget. Some popular companies located in the 56501 zip code include Sanford Health, Lund Boats, New Vision Co-op, and Viking Coca-Cola Bottling Company. These companies provide residents with great job opportunities and contribute to the local economy.
Detroit Lakes (zip 56501) has an unemployment rate of 5.3%. The US average is 6.0%.
Detroit Lakes (zip 56501) has seen the job market increase by 3.4% over the last year. Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
Tax Rates for Detroit Lakes (zip 56501)
- The Sales Tax Rate for Detroit Lakes (zip 56501) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Detroit Lakes (zip 56501) 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 Detroit Lakes (zip 56501)
- The average income of a Detroit Lakes (zip 56501) resident is $27,785 a year. The US average is $28,555 a year.
- The Median household income of a Detroit Lakes (zip 56501) resident is $65,077 a year. The US average is $69,021 a year.