56586 Underwood, MN is a small city located in central Minnesota. The city has a population of 1,604 people and is known for its rural charm. While the cost of rent for a two bedroom apartment is slightly lower than the national average at $860 per month, grocery costs are on par with the US index at 100. Local businesses in 56586 include Reinders Tractor & Implement Company, Big Iron Equipment, L&D Machine Shop Inc., and Fransen Repair & Fabrication. Each business offers unique services to the community ranging from agricultural equipment repair to metal fabrication. There is also an abundance of local restaurants and shops that provide residents of 56586 with goods and services.
Underwood (zip 56586) has an unemployment rate of 5.3%. The US average is 6.0%.
Underwood (zip 56586) 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 34.5%, which is higher than the US average of 33.5%.
Tax Rates for Underwood (zip 56586)
- The Sales Tax Rate for Underwood (zip 56586) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Underwood (zip 56586) 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 Underwood (zip 56586)
- The average income of a Underwood (zip 56586) resident is $37,500 a year. The US average is $37,638 a year.
- The Median household income of a Underwood (zip 56586) resident is $75,625 a year. The US average is $69,021 a year.