Pennington, MN (zip code 56663) is a small town in northern Minnesota with an estimated population of only 74 people. Despite its small size, the cost of living in this area is quite affordable. The average 2 Bedroom Rent in Pennington is $1,050 compared to $1,430 nationally. Additionally, the Grocery Cost Index is 93 versus 100 nationally. This indicates that groceries are cheaper than they would be elsewhere in the US.
Pennington has a few local businesses that serve its small population such as Vonnie's Restaurant & Bar which offers traditional American fare; Pennington Trading Company which offers tools for home improvement and repair; and Pennington's Corner Store which serves as a convenient place to pick up everyday items and groceries. All of these businesses provide great shopping options for residents without breaking their budgets.
Pennington (zip 56663) has an unemployment rate of 5.1%. The US average is 6.0%.
Pennington (zip 56663) has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 29.5%, which is lower than the US average of 33.5%.
Tax Rates for Pennington (zip 56663)
- The Sales Tax Rate for Pennington (zip 56663) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Pennington (zip 56663) is 7.1%. The US average is 4.6%.
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Income and Salaries for Pennington (zip 56663)
- The average income of a Pennington (zip 56663) resident is $23,988 a year. The US average is $37,638 a year.
- The Median household income of a Pennington (zip 56663) resident is $38,409 a year. The US average is $69,021 a year.