Madison, ME is a small town situated on the beautiful shores of Lake Wesserunsett in the south-central part of Maine. This thriving community offers its residents an incredible quality of life due to its tranquil atmosphere and natural scenery, as well as affordable housing options. The average rent for two bedroom apartments in Madison is around $940 per month, making it much more cost-effective than other areas in the United States with a two bedroom rent of $1,430. Additionally, even groceries are more economical in Madison compared to the national average; the Grocery Cost Index is 102 versus 100 across the US.
The small town charm of Madison makes it a great place to live for many people who enjoy outdoor activities such as hiking and fishing, as well as those seeking a peaceful home away from city life. For business owners looking to capitalize on this rural setting, local companies like Wicked Joe Coffee Roasters and small farms provide unique opportunities for success. Similarly, employment opportunities can be found at healthcare centers like Maine General Hospital along with several restaurants offering part-time and full-time positions to serve its residents.
Madison has an unemployment rate of 6.9%. The US average is 6.0%.
Madison has seen the job market decrease by -4.7% over the last year. Future job growth over the next ten years is predicted to be 23.9%, which is lower than the US average of 33.5%.
Tax Rates for Madison
- The Sales Tax Rate for Madison is 5.5%. The US average is 7.3%.
- The Income Tax Rate for Madison is 7.2%. 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 $25,784 a year. The US average is $37,638 a year.
- The Median household income of a Madison resident is $44,307 a year. The US average is $69,021 a year.