Wadena County Advantages Offset Inflation
14 Oct 2022
This year, inflation has been making its most significant impact on Americans’ lives since 1981, reaching 8.2% in September. According to the U.S. Bureau of Labor, at the same time as inflation is rising, real average hourly earnings for all employees decreased by 0.1%. That has contributed to the decrease in real average earnings year over year, from June 2021 to June 2022, of 3.8%. The 8.2% inflation rate is represented as the Consumer Price Index for All Urban Consumers (CPI-U) and is led by food, medical care and shelter increases.
Businesses are seeing their goods’ costs soaring and consumers are paying for them at the checkout stand and in their monthly bills, raising the question for many about how they can save money.
A move to Wadena County could be the answer! Multiple factors lead to the ability to save money by relocating to Wadena County.
Wadena County’s cost of living is lower than elsewhere.
Residents enjoy a lower cost of living in Wadena County compared to much of the country. It’s more affordable for families living in Wadena County than in most U.S. states, which is an essential factor for business owners and their employees. Wadena County’s overall cost of living was 28% below the national average. By comparison, it is nearly 20% more expensive to live in Fargo, ND, and 45% more costly to live in Minneapolis, MN.
Housing is less costly in Wadena County compared to other states.
According to the National Association of Realtors®, in the first quarter of 2022, the median home value in Wadena County was $164,253, yet provided exceptional value by increasing 16.2% in the last year. By comparison, median home values homes in more urban counties with cities like Minneapolis or Duluth cost $378,944 and $202,968, respectively, with less recent appreciation.
Your dollar goes further for daily spending in Wadena County.
Daily expenses can be a constant source of concern. But in Wadena County, the stress of stretching a paycheck is much lower than elsewhere. Salary.com indicates healthcare costs are 25% lower in the City of Wadena than the national average, while groceries are 18% less and energy, utilities and transportation costs are about 10% lower. Within Minnesota, Wadena is still a much more favorable option to Minneapolis, with healthcare nearly 35% lower, grocery costs about 15% lower and transportation costs about 10% lower.
Wadena County is Calling! That’s the name of a resident recruitment campaign the county is initiating in the fall of 2022.
Inflation impacts everything from real estate to groceries, so don’t miss the opportunity to save money and combat inflation by moving to Wadena County. While moving does take time and energy, the long-term financial benefits are worth the investment. Contact Katie Heppner with The Economic Alliance at firstname.lastname@example.org to learn more about the benefits of locating in Wadena County and for help with relocation.