Park Rapids, MN (Zip Code 56470) is an idyllic and peaceful Minnesota town that boasts a lower cost of living than the US average. The average 2 bedroom rent is $870, compared to $1,430 in the US as a whole. Even groceries are cheaper in Park Rapids; the Grocery Cost Index stands at 98 compared to 100 for the US overall.
Park Rapids is home to several local businesses, including American Family Insurance - Jenica Erickson Agency, Park Rapids Enterprise Newspaper & Printing, Creative Cabin Interiors and Design Studio, Backstage Hair Design & Boutique Salon and many more. Residents of Park Rapids can enjoy a high quality of life while spending much less on basic expenses than larger cities. Those who move to Park Rapids also benefit from its rural atmosphere and friendly people.
Park Rapids (zip 56470) has an unemployment rate of 6.1%. The US average is 6.0%.
Park Rapids (zip 56470) has seen the job market increase by 6.6% over the last year. Future job growth over the next ten years is predicted to be 45.6%, which is higher than the US average of 33.5%.
Tax Rates for Park Rapids (zip 56470)
- The Sales Tax Rate for Park Rapids (zip 56470) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Park Rapids (zip 56470) 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 Park Rapids (zip 56470)
- The average income of a Park Rapids (zip 56470) resident is $25,901 a year. The US average is $28,555 a year.
- The Median household income of a Park Rapids (zip 56470) resident is $61,147 a year. The US average is $69,021 a year.