Madison, MD is a small town located in Maryland with a population of about 2,000 people. The cost of living in Madison is relatively low compared to other areas in the country. For example, the average rent for a two-bedroom apartment in Madison is around $990 while the US average for a similar size apartment is around $1,430. Additionally, the Grocery Cost Index in Madison is 100 versus 100 in the US indicating that it has an average cost of groceries.
The town has many local businesses making it a great place to live and work. Some notable companies include Madison Veterinary Clinic, Madison Automotive Center, and Bowman's Home Appliances providing jobs and services to citizens of the town. With low rental rates and an overall low cost of living, it's no wonder why so many people choose to live here.
Madison has an unemployment rate of 6.3%. The US average is 6.0%.
Madison has seen the job market decrease by -2.5% over the last year. Future job growth over the next ten years is predicted to be 18.5%, which is lower than the US average of 33.5%.
Tax Rates for Madison
- The Sales Tax Rate for Madison is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Madison is 7.4%. 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 $39,473 a year. The US average is $28,555 a year.
- The Median household income of a Madison resident is $97,266 a year. The US average is $69,021 a year.