Lakefield, MN (56150) is a small city located in the Southwest corner of Minnesota. The average 2 bedroom rent here is $800, significantly lower than the US average of $1,430. This makes it a great choice for those seeking an affordable place to live. Additionally, Lakefield also has a lower Grocery Cost Index of 94 compared to the national average of 100.
The city's local companies include Storybook Pond Dairy Farm, Busy Beaver Lawn Care & Landscaping LLC, Sweet Iron Motorsports LLC and Oleson Truck Line. Shopping can be done at nearby stores such as Country Store Acorn Market and Tom's Classic Sportswear & Furniture. There are plenty of other unique local businesses in Lakefield that contribute to its strong economy.
Overall, Lakefield is a great place to live due to its low cost of living and many local businesses. It offers residents plenty of options for affordable housing and groceries while still providing them with access to a variety of unique shops and services.
Lakefield (zip 56150) has an unemployment rate of 4.3%. The US average is 6.0%.
Lakefield (zip 56150) has seen the job market decrease by -1.8% over the last year. Future job growth over the next ten years is predicted to be 6.7%, which is lower than the US average of 33.5%.
Tax Rates for Lakefield (zip 56150)
- The Sales Tax Rate for Lakefield (zip 56150) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Lakefield (zip 56150) 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 Lakefield (zip 56150)
- The average income of a Lakefield (zip 56150) resident is $25,976 a year. The US average is $28,555 a year.
- The Median household income of a Lakefield (zip 56150) resident is $57,115 a year. The US average is $69,021 a year.