Groton, MA is a great place to live in for those who are looking for an affordable place to live. With a two bedroom rent of $2,190 compared to the US average of $1,430 it’s easy to see why Groton is so attractive. Grocery costs are also lower than the US average with an index of 110 versus 100 in the US. The city has major employers such as Massachusetts Institute of Technology (MIT), Draper Laboratory and Raytheon Technologies Corporation which help draw people from all over to this great city.
Groton has an unemployment rate of 5.2%. The US average is 6.0%.
Groton has seen the job market increase by 4.1% over the last year. Future job growth over the next ten years is predicted to be 41.3%, which is higher than the US average of 33.5%.
Tax Rates for Groton
- The Sales Tax Rate for Groton is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Groton is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Groton
- The average income of a Groton resident is $49,398 a year. The US average is $28,555 a year.
- The Median household income of a Groton resident is $169,497 a year. The US average is $69,021 a year.