Hector, MN (55342) is a small city with a population of 476 people and is located in Renville County. It boasts an affordable cost of living, with the average two bedroom rent rate being just $820 per month compared to the national average of $1,430. Grocery costs in Hector are also relatively inexpensive with the index sitting at 95 compared to 100 for the US as a whole.
The local economy is primarily driven by agriculture, though there are several other employers such as Renville County Coop which provides retail agronomic services for farmers and ranchers across southeastern Minnesota. Another noteworthy business in Hector is Johnson Insurance Agency which offers insurance solutions for individual and corporate clients. Finally, there’s Innovative Solutions, Inc., an engineering consulting firm that provides services related to design and analysis.
Hector (zip 55342) has an unemployment rate of 5.9%. The US average is 6.0%.
Hector (zip 55342) has seen the job market decrease by -1.4% over the last year. Future job growth over the next ten years is predicted to be 46.0%, which is higher than the US average of 33.5%.
Tax Rates for Hector (zip 55342)
- The Sales Tax Rate for Hector (zip 55342) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Hector (zip 55342) 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 Hector (zip 55342)
- The average income of a Hector (zip 55342) resident is $34,195 a year. The US average is $37,638 a year.
- The Median household income of a Hector (zip 55342) resident is $58,352 a year. The US average is $69,021 a year.