Madison, IL is a small city located in Madison County. This quaint town offers its residents a quiet lifestyle with convenient access to nearby cities like St. Louis and Springfield. With its close proximity to larger cities, Madison has become a great place for young professionals and families looking for an affordable yet quality life. With two bedroom apartments renting at $860 per month, it is much cheaper than the national average of $1,430 per month. In addition to cheaper rent costs, groceries are also more affordable in Madison compared to the US as it has a Grocery Cost Index score of 91 versus 100 in the US.
Madison is home to several companies such as Nestle Purina PetCare Company, Post Holdings Inc., Lindenwood University-Belleville, Alton Memorial Hospital and Gori Julian & Associates PC Law Firm. All these companies offer excellent job opportunities for local residents and help drive the economy forward. It truly is an amazing place to live with great cost of living advantages that make it attractive for people looking for both quality and affordability.
Madison has an unemployment rate of 5.4%. The US average is 6.0%.
Madison has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 31.5%, which is lower than the US average of 33.5%.
Tax Rates for Madison
- The Sales Tax Rate for Madison is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Madison 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 Madison
- The average income of a Madison resident is $13,720 a year. The US average is $28,555 a year.
- The Median household income of a Madison resident is $33,958 a year. The US average is $69,021 a year.