Madison, AL is a small city located in the North of Alabama. It is known for its affordable living costs and low taxes. According to the given information, the 2 bedroom rent in Madison is $1,240 which is significantly lower than the US average of $1,430 per month. Furthermore, the Grocery Cost Index in Madison stands at 99 compared to 100 in the US. This makes Madison an attractive destination for those looking for a cost-effective lifestyle in a vibrant city.
In terms of local companies, Madison boasts several major businesses including Toyota Motor Manufacturing Alabama, Huntsville Hospital Health System and Redstone Federal Credit Union. The city also houses some smaller enterprises such as Southern Community Bank & Trust and Progressive Bank – both of which provide financial services to local residents and businesses alike. Moreover, Madison's local education system has some acclaimed schools such as Bob Jones High School and Columbia High School that offer excellent educational programs for students from all backgrounds.
Madison has an unemployment rate of 1.8%. The US average is 6.0%.
Madison has seen the job market increase by 3.6% over the last year. Future job growth over the next ten years is predicted to be 43.6%, which is higher than the US average of 33.5%.
Tax Rates for Madison
- The Sales Tax Rate for Madison is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Madison is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Madison
- The average income of a Madison resident is $42,284 a year. The US average is $28,555 a year.
- The Median household income of a Madison resident is $105,335 a year. The US average is $69,021 a year.