Lake Madison, SD is a small town in the central part of the state. This rural area is known for its stunning landscape and beautiful views. It has an estimated population of around 500 people, and 2 bedroom rental properties cost $770 per month, which is lower than the national average of $1,430. The grocery cost index is also slightly higher than the national average at 102.
Residents in Lake Madison enjoy living close to nature with access to outdoor activities such as fishing, hunting and camping. Local businesses include a gas station and convenience store as well as a few family-owned restaurants. There are also many popular attractions nearby such as Mount Rushmore National Memorial, Crazy Horse Monument, and Badlands National Park.
Lake Madison has an unemployment rate of 3.0%. The US average is 6.0%.
Lake Madison has seen the job market increase by 2.6% over the last year. Future job growth over the next ten years is predicted to be 28.5%, which is lower than the US average of 33.5%.
Tax Rates for Lake Madison
- The Sales Tax Rate for Lake Madison is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Lake Madison is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lake Madison
- The average income of a Lake Madison resident is $39,479 a year. The US average is $28,555 a year.
- The Median household income of a Lake Madison resident is $102,222 a year. The US average is $69,021 a year.