Madison, SD is a small city located in Lake County with a population of just over 5,000. The cost of living in Madison is relatively affordable compared to the rest of the US. Rent for a two-bedroom property averages around $840 per month which is much lower than the national average of $1,430. Grocery costs are also significantly lower in Madison with an index score of 100 versus 100 nationally. Local companies like Southeastern Electric Cooperative, Shopko Optical, and Lake Poinsett Resort employ many Madison locals and provide additional economic stability to the community.
Madison (zip 57042) has an unemployment rate of 3.0%. The US average is 6.0%.
Madison (zip 57042) has seen the job market increase by 2.6% over the last year. Future job growth over the next ten years is predicted to be 28.5%, which is lower than the US average of 33.5%.
Tax Rates for Madison (zip 57042)
- The Sales Tax Rate for Madison (zip 57042) is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Madison (zip 57042) is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Madison (zip 57042)
- The average income of a Madison (zip 57042) resident is $25,961 a year. The US average is $28,555 a year.
- The Median household income of a Madison (zip 57042) resident is $65,270 a year. The US average is $69,021 a year.