Madison, CT is a small town located in Connecticut known for its cozy atmosphere and easy access to the beach. The median rent for a two-bedroom apartment in Madison is $2,020, significantly higher than the U.S. median rent of $1,430. The Grocery Cost Index in Madison is higher then the U.S., coming in at 112 versus 100 respectively which indicates a slightly more expensive cost of living than other parts of the country. Local companies include Madison Beach Hotel, Willow Tree Inn Bed & Breakfast, and Cruiseport Groton Marina & Boatyard. Overall, residents enjoy the relaxed lifestyle that comes with living here as well as the convenience of being close to major cities like Boston and New York City.
Madison has an unemployment rate of 5.4%. The US average is 6.0%.
Madison has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 30.2%, which is lower than the US average of 33.5%.
Tax Rates for Madison
- The Sales Tax Rate for Madison is 6.4%. The US average is 7.3%.
- The Income Tax Rate for Madison is 5.5%. 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 $53,221 a year. The US average is $28,555 a year.
- The Median household income of a Madison resident is $140,990 a year. The US average is $69,021 a year.