Northrop, Minnesota is an exciting city with plenty to offer its residents. Located in Faribault County, Northrop has a population of just 560 people and offers a low cost of living. The average two bedroom rent is significantly lower than the U.S. average at only $760 per month. Grocery cost index in Northrop is also considerably less than the U.S., coming in at 92 compared to 100.
Local businesses that contribute to the economy of Northrop include a general store, post office, bar & grill, and several small farms that provide produce to local grocery stores. There are plenty of activities available for locals and visitors alike such as camping at Tetonka-Mazaska Lake or hunting and fishing year round.
Overall, Northrop makes a great place to live for anyone looking for an affordable cost of living without sacrificing access to essential services and recreational activities nearby.
Northrop (zip 56075) has an unemployment rate of 4.3%. The US average is 6.0%.
Northrop (zip 56075) has seen the job market decrease by -2.0% over the last year. Future job growth over the next ten years is predicted to be 25.1%, which is lower than the US average of 33.5%.
Tax Rates for Northrop (zip 56075)
- The Sales Tax Rate for Northrop (zip 56075) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Northrop (zip 56075) 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 Northrop (zip 56075)
- The average income of a Northrop (zip 56075) resident is $25,705 a year. The US average is $37,638 a year.
- The Median household income of a Northrop (zip 56075) resident is $38,750 a year. The US average is $69,021 a year.