Economy in Montgomery, Alabama

Montgomery, AL is an attractive city to live in for its affordability. 2 Bedroom rents are a low $1,020 compared to the US average of $1,430. Similarly, the Grocery Cost Index in Montgomery is 93 versus 100 in the US. This makes it cheaper to feed a family here than most other places in America. Montgomery has many established companies such as Hyundai Motor Manufacturing Alabama, RSA Group/Regions Financial Corporation and Red Diamond Coffee and Tea Company that provide job opportunities for locals. The overall cost of living in this city is quite affordable when compared to many other cities around the country.

Montgomery has an unemployment rate of 5.8%. The US average is 6.0%.

Montgomery has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.

Tax Rates for Montgomery
- The Sales Tax Rate for Montgomery is 10.0%. The US average is 7.3%.
- The Income Tax Rate for Montgomery 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 Montgomery
- The average income of a Montgomery resident is $24,537 a year. The US average is $28,555 a year.
- The Median household income of a Montgomery resident is $43,535 a year. The US average is $53,482 a year.