Fairmont, MN is a small city located in the southern region of Minnesota. The estimated population of Fairmont, MN is 10,947 people according to the 2019 census. The 2 bedroom rent in Fairmont is $870 which is significantly lower than the US median of $1,430. With a low cost of living and reasonable rental rates, it has become an attractive destination for families and students alike. Fairmont has several amenities including grocery stores such as Target and Cub Foods as well as restaurants like Old Market Deli & Bakery and Mexican Fiesta. Furthermore, there are plenty of job opportunities available with local companies such as Hy-Vee, Gopher Dairy Products and JBS USA Food Company.
Fairmont (zip 56031) has an unemployment rate of 4.3%. The US average is 6.0%.
Fairmont (zip 56031) has seen the job market decrease by -2.0% over the last year. Future job growth over the next ten years is predicted to be 25.1%, which is lower than the US average of 33.5%.
Tax Rates for Fairmont (zip 56031)
- The Sales Tax Rate for Fairmont (zip 56031) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Fairmont (zip 56031) 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 Fairmont (zip 56031)
- The average income of a Fairmont (zip 56031) resident is $33,795 a year. The US average is $37,638 a year.
- The Median household income of a Fairmont (zip 56031) resident is $54,558 a year. The US average is $69,021 a year.