Zip 56283 (Redwood Falls, MN) Economy


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United States / Minnesota / No Metro Area / Redwood County / Redwood Falls / Redwood Falls (zip 56283)
Redwood Falls, MN (zip code 56283) is an affordable place to live, with a 2 bedroom rent of $840 compared to the US average of $1,430. Groceries are even more affordable, with a Grocery Cost Index of 95 versus the US average of 100. Redwood Falls also has a wide variety of local businesses such as S&S Equipment Co., Anderson Motors, First United Bank & Trust, Woltner’s True Value Hardware and Weber Meats. With its affordable cost of living and great selection of local businesses, Redwood Falls is a great place to call home.

Redwood Falls (zip 56283) has an unemployment rate of 5.5%. The US average is 6.0%.

Redwood Falls (zip 56283) has seen the job market decrease by -2.8% over the last year. Future job growth over the next ten years is predicted to be 5.0%, which is lower than the US average of 33.5%.

Tax Rates for Redwood Falls (zip 56283)
- The Sales Tax Rate for Redwood Falls (zip 56283) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Redwood Falls (zip 56283) 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 Redwood Falls (zip 56283)
- The average income of a Redwood Falls (zip 56283) resident is $26,894 a year. The US average is $28,555 a year.
- The Median household income of a Redwood Falls (zip 56283) resident is $59,981 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomyRedwood Falls, MinnesotaUnited States
  5.56
  0.4%-6.2%
  5.0%33.5%
  6.9%6.2%
  7.1%4.6%
  $30,416$37,638
  $59,981$69,021
  $74,438$85,028
  Population by Occupation
  7.4%1.2%
  0.2%0.5%
  6.2%6.8%
  15.1%10.0%
  1.6%2.5%
  9.4%11.0%
  4.9%4.8%
  0.6%0.8%
  1.0%1.9%
  2.1%4.7%
  1.5%1.9%
  2.0%7.6%
  0.0%0.1%
  1.3%4.2%
  8.6%9.3%
  19.9%14.0%
  2.0%2.1%
  7.2%7.0%
  3.3%4.8%
  5.6%4.7%
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