Milbank, South Dakota is a small town of approximately 2,500 people located along the Big Stone Lake. The town is known for having a low cost of living which makes it attractive to those looking to move to a smaller community or retire. The median 2 bedroom rent in Milbank is only $820 per month which is significantly lower than the US average of $1,430. Additionally, the Grocery Cost Index in America is 100 while Milbank has an index of 98 making groceries more affordable for locals.
The economy in Milbank relies heavily on agriculture and its surrounding businesses such as livestock production and corn processing. There are also several major employers including First Premier Bank, Fisher Industries Construction Corporation, Climate Control Heating & Air Conditioning, and MidWest Grain Products Incorporated. These companies provide good employment opportunities for residents and contribute significantly to the local economy.
Milbank (zip 57252) has an unemployment rate of 4.6%. The US average is 6.0%.
Milbank (zip 57252) has seen the job market decrease by -1.7% over the last year. Future job growth over the next ten years is predicted to be 12.8%, which is lower than the US average of 33.5%.
Tax Rates for Milbank (zip 57252)
- The Sales Tax Rate for Milbank (zip 57252) is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Milbank (zip 57252) is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Milbank (zip 57252)
- The average income of a Milbank (zip 57252) resident is $37,347 a year. The US average is $37,638 a year.
- The Median household income of a Milbank (zip 57252) resident is $70,189 a year. The US average is $69,021 a year.