Madrid, AL is a small town located in the heart of Alabama. It has a population of just over 2,000 people and is known for its close-knit community and affordable living costs. The average two-bedroom rent in Madrid is $740, far below the US average of $1,430. This makes it an attractive option for those looking to save on costs. Additionally, the grocery cost index in Madrid is 94 versus 100 in the US, making food prices lower than those found elsewhere.
Madrid is home to some great local businesses such as Harlan’s Grocery Store and Spain’s Tire & Automotive Service Center. Additionally, there are numerous small businesses that offer unique services such as dry cleaning and painting services. The rental industry in Madrid is thriving due to its affordable prices and wide variety of housing options. Renters can expect to find charming houses with large yards or apartments within walking distance of downtown Madrid.
Madrid has an unemployment rate of 3.4%. The US average is 6.0%.
Madrid has seen the job market decrease by -2.3% over the last year. Future job growth over the next ten years is predicted to be 29.7%, which is lower than the US average of 33.5%.
Tax Rates for Madrid
- The Sales Tax Rate for Madrid is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Madrid 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 Madrid
- The average income of a Madrid resident is $22,407 a year. The US average is $37,638 a year.
- The Median household income of a Madrid resident is $46,250 a year. The US average is $69,021 a year.