Washington, DC is a vibrant city home to many large businesses and government agencies. The cost of living is higher than the national average. For example, the median rent for a two bedroom apartment in Washington, DC is $1,940 while in the US it is $1,430. Additionally, the Grocery Cost Index in Washington DC is 114 compared to 100 nationally. Major employers include Amazon's new HQ2 headquarters as well as lobbying firms like BGR Group and Hogan Lovells. With numerous high paying jobs and an overall attractive city culture, people are willing to pay higher costs of living in order to live in this great city.
Washington has an unemployment rate of 7.0%. The US average is 6.0%.
Washington has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 33.7%, which is higher than the US average of 33.5%.
Tax Rates for Washington
- The Sales Tax Rate for Washington is 5.8%. The US average is 7.3%.
- The Income Tax Rate for Washington is 6.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Washington
- The average income of a Washington resident is $46,502 a year. The US average is $28,555 a year.
- The Median household income of a Washington resident is $93,547 a year. The US average is $69,021 a year.