55750 Hoyt Lakes, MN is a small city located in the northern part of Minnesota. It is home to a population of 1,589 people according to the US Census Bureau estimates. The city has an array of local companies for residents to enjoy, including North American Manufacturing Company which manufactures parts for airplanes, boats and other vehicles; Hoyt Lakes Veterinary Clinic which provides care for pets; and Towne Square Mall which contains unique stores and dining options. There are also many attractions for visitors to experience such as the Iron World Discovery Center which commemorates the area's mining history, numerous outdoor activities like kayaking on Lake Vermilion or fishing in Hoyt Lake, and scenic views of the Superior National Forest. 2 Bedroom Rent in this area costs $920 while groceries have an index rating of 91 compared to 100 in the US.
Hoyt Lakes (zip 55750) has an unemployment rate of 4.8%. The US average is 6.0%.
Hoyt Lakes (zip 55750) has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Hoyt Lakes (zip 55750)
- The Sales Tax Rate for Hoyt Lakes (zip 55750) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Hoyt Lakes (zip 55750) 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 Hoyt Lakes (zip 55750)
- The average income of a Hoyt Lakes (zip 55750) resident is $24,198 a year. The US average is $28,555 a year.
- The Median household income of a Hoyt Lakes (zip 55750) resident is $61,118 a year. The US average is $69,021 a year.