56750 Red Lake Falls, MN is a small town located in northwestern Minnesota. It is an ideal location for those looking for peaceful living without the hustle and bustle of city life. Many local businesses thrive in and around 56750 including Red Lake Grocery, Great River Country Store and KLF Lumber. The cost of living in this area is quite reasonable, with 2 bedroom rent averaging $800 per month which is significantly less than the US average at $1 430 per month. The grocery cost index is also much lower than other areas at 95 versus the US average of 100, making it an affordable place to live.
Red Lake Falls (zip 56750) has an unemployment rate of 6.0%. The US average is 6.0%.
Red Lake Falls (zip 56750) has seen the job market decrease by -1.0% over the last year. Future job growth over the next ten years is predicted to be 15.7%, which is lower than the US average of 33.5%.
Tax Rates for Red Lake Falls (zip 56750)
- The Sales Tax Rate for Red Lake Falls (zip 56750) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Red Lake Falls (zip 56750) 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 Red Lake Falls (zip 56750)
- The average income of a Red Lake Falls (zip 56750) resident is $33,109 a year. The US average is $37,638 a year.
- The Median household income of a Red Lake Falls (zip 56750) resident is $61,250 a year. The US average is $69,021 a year.