Silver Lake, MN (55381) is a small town located in Wright County. The average two bedroom rent here is $1,190, which is significantly lower than the national average of $1,430. Living costs in Silver Lake are even more attractive due to the Grocery Cost Index being 97 compared to the US index of 100. This makes essential items more affordable for residents of Silver Lake. Notable local companies include Rice Family Farms which produces corn and soybeans crops, Lakeside Dairy which provides quality products for retail stores and foodservice companies, and K&K Manufacturing Inc., an automotive parts producer with more than 50 years of experience in the industry. These businesses provide employment to many people within the area and are integral parts of Silver Lake’s economy.
Silver Lake (zip 55381) has an unemployment rate of 5.1%. The US average is 6.0%.
Silver Lake (zip 55381) has seen the job market decrease by -2.5% over the last year. Future job growth over the next ten years is predicted to be 19.8%, which is lower than the US average of 33.5%.
Tax Rates for Silver Lake (zip 55381)
- The Sales Tax Rate for Silver Lake (zip 55381) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Silver Lake (zip 55381) 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 Silver Lake (zip 55381)
- The average income of a Silver Lake (zip 55381) resident is $36,194 a year. The US average is $37,638 a year.
- The Median household income of a Silver Lake (zip 55381) resident is $71,944 a year. The US average is $69,021 a year.