Milton, Illinois is a small town in the central part of the state, situated between Decatur and Springfield. It has a convenient location close to shopping centers and entertainment. The cost of living in Milton, IL is relatively low compared to the US as a whole. The average rent for a 2 bedroom apartment is $710 per month and the Grocery Cost Index is 91 versus 100 for the US overall. This makes it an attractive place to live for those on a budget.
The local economy is primarily driven by agribusiness with many companies based in or near Milton such as food giant ADM, agricultural equipment manufacturer Ag-Power Machinery, seed company Seed Genetics Direct, precision agriculture provider IntelliFarms and renewable energy firm Nutrien Ag Solutions. These companies employ many people from Milton and add to the economic prosperity of the town.
Milton has an unemployment rate of 4.8%. The US average is 6.0%.
Milton has seen the job market increase by 0.0% over the last year. Future job growth over the next ten years is predicted to be 13.7%, which is lower than the US average of 33.5%.
Tax Rates for Milton
- The Sales Tax Rate for Milton is 7.8%. The US average is 7.3%.
- The Income Tax Rate for Milton 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 Milton
- The average income of a Milton resident is $17,566 a year. The US average is $28,555 a year.
- The Median household income of a Milton resident is $42,614 a year. The US average is $69,021 a year.