Birmingham, AL is a bustling city with plenty of opportunities for business and leisure. The city has seen tremendous growth over the last few years, with dozens of companies manufacturing products in the area, as well as providing services such as banking, healthcare, and technology. Major employers in Birmingham include UAB, Regions Bank, Mercedes-Benz US International, Children's Hospital of Alabama, and Honda Manufacturing. These companies contribute to the local economy by providing jobs and services to residents. Additionally, due to its lower population compared to larger cities in the US, rent costs are relatively low at $1,030 for a two bedroom apartment compared to an average of $1,430 across the US. Additionally, other areas like grocery cost index is also 93 versus 100 in the US. This contributes to a lower overall cost of living when compared with other parts of the country.
Birmingham has an unemployment rate of 5.6%. The US average is 6.0%.
Birmingham has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 29.2%, which is lower than the US average of 33.5%.
Tax Rates for Birmingham
- The Sales Tax Rate for Birmingham is 10.0%. The US average is 7.3%.
- The Income Tax Rate for Birmingham is 6.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Birmingham
- The average income of a Birmingham resident is $19,640 a year. The US average is $28,555 a year.
- The Median household income of a Birmingham resident is $39,403 a year. The US average is $69,021 a year.