Tower, Minnesota is a small city with a population of 55790 located in Saint Louis County. The city offers residents an affordable living environment due to its low rent costs. The average 2 bedroom apartment rent in Tower is just $1200 compared to the US average of $1430. In addition, grocery costs are also lower at 99 versus 100 on the US Grocery Cost Index. The city has several local businesses that contribute to its economy including KK Construction, a family owned construction company founded in 2001, and State Bank of Tower, an independently owned bank established in 2018. Shopping options are plentiful with stores like Home Depot and Walmart providing goods and services for residents. Tower is also home to several unique restaurants like Cajun Clam Shack and B-Bops BBQ Shack which offer delicious cuisines for locals and visitors alike.
Tower (zip 55790) has an unemployment rate of 4.8%. The US average is 6.0%.
Tower (zip 55790) has seen the job market decrease by -4.0% over the last year. Future job growth over the next ten years is predicted to be 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Tower (zip 55790)
- The Sales Tax Rate for Tower (zip 55790) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Tower (zip 55790) 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 Tower (zip 55790)
- The average income of a Tower (zip 55790) resident is $40,845 a year. The US average is $37,638 a year.
- The Median household income of a Tower (zip 55790) resident is $67,446 a year. The US average is $69,021 a year.