In Minneapolis, MN, the cost of living is slightly higher than the US average. The median 2 bedroom rent in 55406 Minneapolis, MN is $1,420 compared to the US average of $1,430. Additionally, grocery cost index in 55406 Minneapolis is 101 compared to 100 in the US. Local companies like Target and Walmart typically offer lower prices for groceries. Other local businesses such as Coborns and Lunds & Byerlys also have slightly higher priced groceries but a variety of products that may be hard to find anywhere else.
Minneapolis (zip 55406) has an unemployment rate of 4.5%. The US average is 6.0%.
Minneapolis (zip 55406) has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.7%, which is higher than the US average of 33.5%.
Tax Rates for Minneapolis (zip 55406)
- The Sales Tax Rate for Minneapolis (zip 55406) is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Minneapolis (zip 55406) 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 Minneapolis (zip 55406)
- The average income of a Minneapolis (zip 55406) resident is $33,195 a year. The US average is $28,555 a year.
- The Median household income of a Minneapolis (zip 55406) resident is $77,888 a year. The US average is $69,021 a year.