Madrid, NM is a small but vibrant town situated in the New Mexico desert. The cost of renting a two bedroom apartment is significantly lower than most US cities at $1,230 compared to $1,430. Additionally, the grocery cost index in Madrid is 99 while the national average is 100. The local economy is made up of a diverse range of businesses, including Madrid Coffee Company which serves specialty coffees and Khaos Aerials which offers aerial photography services. Other well-known companies in the area include La Casa Sena Restaurant and Bar and Turquoise Trail Trolley Tours which provide guided tours across the region.
Madrid has an unemployment rate of 7.5%. The US average is 6.0%.
Madrid has seen the job market decrease by -8.0% over the last year. Future job growth over the next ten years is predicted to be 30.5%, which is lower than the US average of 33.5%.
Tax Rates for Madrid
- The Sales Tax Rate for Madrid is 8.4%. The US average is 7.3%.
- The Income Tax Rate for Madrid is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Madrid
- The average income of a Madrid resident is $19,039 a year. The US average is $37,638 a year.
- The Median household income of a Madrid resident is $0 a year. The US average is $69,021 a year.