The small town of Loman, MN (population 56654) is an affordable place to live with an average two-bedroom rent at just $810, compared to the national average of $1430. The cost of living in the area is also extremely low, with a grocery cost index of 96 versus 100 in the US. Loman has a bustling economy driven by local businesses such as Hi-Tech Tool Inc., a metal fabrication and welding shop, and Diversified Plastics Inc., which specializes in injection molding products. Other prominent companies include B&L Home Improvement, a construction and renovation business; and Timeless Floor Designs, which offers hardwood flooring options. All of these businesses help create jobs for Loman's residents and make it one of the best places to live in Minnesota.
Loman (zip 56654) has an unemployment rate of 5.7%. The US average is 6.0%.
Loman (zip 56654) has seen the job market decrease by -4.2% over the last year. Future job growth over the next ten years is predicted to be 18.9%, which is lower than the US average of 33.5%.
Tax Rates for Loman (zip 56654)
- The Sales Tax Rate for Loman (zip 56654) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Loman (zip 56654) 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 Loman (zip 56654)
- The average income of a Loman (zip 56654) resident is $29,632 a year. The US average is $37,638 a year.
- The Median household income of a Loman (zip 56654) resident is $43,333 a year. The US average is $69,021 a year.