The small town of Elbow Lake, MN (population 56531) offers a much lower cost of living than the US average. You can rent a 2 bedroom apartment in Elbow lake for just $820 compared to the national average of $1,430. The grocery cost index in Elbow Lake is 93 compared to the US average of 100. This means that many basic goods are more affordable than elsewhere in the country. \nElbow lake is served by a variety of local businesses including M&M Supervalu, One Stop BP, and Strand Insurance Agency Inc. The business owners take pride in their work and strive to meet the needs of their customers. In addition to these local businesses, the town is also home to schools and churches that serve as both educational and spiritual centers for the community.
Elbow Lake (zip 56531) has an unemployment rate of 5.4%. The US average is 6.0%.
Elbow Lake (zip 56531) has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 22.4%, which is lower than the US average of 33.5%.
Tax Rates for Elbow Lake (zip 56531)
- The Sales Tax Rate for Elbow Lake (zip 56531) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Elbow Lake (zip 56531) 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 Elbow Lake (zip 56531)
- The average income of a Elbow Lake (zip 56531) resident is $27,997 a year. The US average is $28,555 a year.
- The Median household income of a Elbow Lake (zip 56531) resident is $60,543 a year. The US average is $69,021 a year.