Madison Lake, MN is a small city located in Minnesota. Although it is relatively small, it has plenty to offer in terms of cost of living and economic opportunities. The average rent for a two bedroom apartment in Madison Lake, MN is $970 which is lower than the US average of $1430 per month. In addition, the grocery cost index in Madison Lake is 102 compared to 100 in the US. This means that groceries are slightly more expensive than the national average. There are many different types of businesses located within Madison Lake's city limits such as Lakeside Food & Fuel, J&J Hardware Store, and Johnson's Auto Repair which offer quality goods and services to its citizens.
Madison Lake has an unemployment rate of 3.9%. The US average is 6.0%.
Madison Lake has seen the job market increase by 3.3% over the last year. Future job growth over the next ten years is predicted to be 37.2%, which is higher than the US average of 33.5%.
Tax Rates for Madison Lake
- The Sales Tax Rate for Madison Lake is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Madison Lake is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Madison Lake
- The average income of a Madison Lake resident is $27,883 a year. The US average is $28,555 a year.
- The Median household income of a Madison Lake resident is $96,563 a year. The US average is $69,021 a year.