The small city of Watkins, Minnesota (population 5,538) is an affordable place to live with a median two bedroom rent of $830 compared to the national average of $1,430. This makes it easier to save for other expenses like groceries which have a Grocery Cost Index of 97 versus the national average of 100.
Local companies in the area include Watkins Community Education Center, Chippewa Valley Ethanol Company, and T&M Locker. These businesses provide employment opportunities for those looking to work and live in the area. The salaries offered may be lower than comparable positions in other cities due to the cost of living being more affordable in Watkins. However, workers will be able to enjoy greater savings due to lower housing costs and amenities that are still accessible despite the smaller population size.
Watkins (zip 55389) has an unemployment rate of 5.2%. The US average is 6.0%.
Watkins (zip 55389) has seen the job market decrease by -2.0% over the last year. Future job growth over the next ten years is predicted to be 26.8%, which is lower than the US average of 33.5%.
Tax Rates for Watkins (zip 55389)
- The Sales Tax Rate for Watkins (zip 55389) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Watkins (zip 55389) 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 Watkins (zip 55389)
- The average income of a Watkins (zip 55389) resident is $31,651 a year. The US average is $37,638 a year.
- The Median household income of a Watkins (zip 55389) resident is $77,629 a year. The US average is $69,021 a year.