Medway, MA is a thriving community located just outside of Boston. It has a strong local economy that is home to many businesses, including Medway Market, Medway Veterinary Hospital, and The Commons Coffee House. The cost of living in Medway is slightly higher than the national average due to higher rent prices and grocery costs. Two bedroom apartments typically rent for $2,170 per month in comparison to the US average of $1,430. Additionally, the Grocery Cost Index stands at 109 in Medway versus 100 in the US. Despite its higher cost of living, many residents find that it is worth it to live in Medway due to its convenient location and access to amenities.
Medway has an unemployment rate of 5.8%. The US average is 6.0%.
Medway has seen the job market increase by 4.3% over the last year. Future job growth over the next ten years is predicted to be 41.6%, which is higher than the US average of 33.5%.
Tax Rates for Medway
- The Sales Tax Rate for Medway is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Medway is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Medway
- The average income of a Medway resident is $45,617 a year. The US average is $28,555 a year.
- The Median household income of a Medway resident is $147,257 a year. The US average is $69,021 a year.