Ormsby, MN (zip code 56162) is a small town in Martin County with a population of just 549 people according to the 2019 US Census Bureau. The cost of living here is much lower than in most other places in the United States. For example, 2 bedroom rent is $870 compared to the national average of $1,430. The local Grocery Cost Index is 93 versus 100 nationally, indicating that groceries are significantly cheaper in Ormbsy than in the rest of the country.
The local economy relies primarily on agriculture and farming. Local businesses include M&M Coop Elevator, Martin County Dairy & Ag Services, Midwest Seeds LLC and Pro-Ag Management Inc. Ormsby also has several family owned restaurants such as S & S Cafe and D’s Bar & Grill. All these businesses help provide employment opportunities for Ormsby residents while keeping costs low for everyone who lives there.
Ormsby (zip 56162) has an unemployment rate of 4.3%. The US average is 6.0%.
Ormsby (zip 56162) has seen the job market decrease by -0.4% 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 Ormsby (zip 56162)
- The Sales Tax Rate for Ormsby (zip 56162) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Ormsby (zip 56162) 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 Ormsby (zip 56162)
- The average income of a Ormsby (zip 56162) resident is $29,374 a year. The US average is $28,555 a year.
- The Median household income of a Ormsby (zip 56162) resident is $71,875 a year. The US average is $69,021 a year.