Economists Salary
In Madison, WI, economists earn $88,770 at the median, or about $42.68 an hour. The range runs from $75K at the entry level to $133K for experienced workers. Adjusted for local prices (RPP 97.29), that's roughly $91,243 in purchasing power. Rent on a 2-bedroom averages $1,168/month, or 20.8% of estimated take-home pay.
So what does $89K get you in Madison?
Groceries, utilities, transportation, and healthcare scaled from national averages by Madison’s Regional Price Parity (97.29). Rent from HUD Fair Market Rents. Taxes estimated for single filer, standard deduction. * Healthcare is the employee-paid share only (premiums + out-of-pocket). Actual costs vary by coverage type: employer-sponsored, ACA marketplace, or uninsured.
About economists
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What this looks like in Madison
Pay for economists in Madison runs about 29% below the U.S. median of $125K. Housing is manageable: a 2-bedroom at the HUD median costs $1,168/month, 20.9% of take-home, well inside the 30% guideline. Cost of living (RPP 97.29) is near the national average, so spending patterns here track the typical American budget fairly closely. Lower pay, lower costs, Madison can be a reasonable trade-off for economistss who value affordability over top-dollar markets.
Compared to nearby metros
Median pay for economists in metros near Madison, adjusted for local cost of living.
| Metro | Median pay | COL-adjusted |
|---|---|---|
| Milwaukee-Waukesha | $77K | $79K |
| Minneapolis-St. Paul-Bloomington | $107K | $102K |
| Detroit-Warren-Dearborn | $106K | $106K |
| Ann Arbor | $129K | $128K |
COL-adjusted = median salary ÷ (BEA Regional Price Parity ÷ 100). Expresses purchasing power in national-average dollars.
Compensation breakdown
Annual earnings by percentile, Madison, WI
Entry-level economists (10th percentile) start around $75K. Mid-career wages sit at $89K. Top earners bring in $133K or more, a $57K spread from bottom to top.
Economists pay across states
Median income ranked highest to lowest, compared to the national figure
View Economists salary in all states
| State | Median salary | vs. national | Employment |
|---|---|---|---|
| District of Columbia | $168K | +34% | 3,000 |
| New Jersey | $168K | +34% | 280 |
| Delaware | $159K | +28% | 70 |
| Maryland | $145K | +16% | 1,130 |
| Kansas | $139K | +11% | 80 |
| Virginia | $138K | +10% | 950 |
| New York | $137K | +10% | 910 |
| North Carolina | $136K | +9% | 290 |
| Idaho | $131K | +5% | 130 |
| Alabama | $130K | +4% | 40 |
| Georgia | $123K | -2% | 260 |
| Oregon | $122K | -2% | 320 |
| Texas | $121K | -3% | 560 |
| Colorado | $121K | -3% | 240 |
| Ohio | $120K | -4% | 140 |
| California | $119K | -4% | 860 |
| Tennessee | $118K | -6% | 80 |
| Missouri | $117K | -6% | 280 |
| Pennsylvania | $115K | -8% | 560 |
| Alaska | $111K | -11% | 80 |
| Washington | $109K | -12% | 450 |
| Massachusetts | $106K | -15% | 1,030 |
| Michigan | $106K | -15% | 320 |
| Minnesota | $105K | -16% | 500 |
| Florida | $102K | -18% | 500 |
| Connecticut | $101K | -19% | 210 |
| Iowa | $96K | -23% | 70 |
| Arkansas | $92K | -27% | 50 |
| Maine | $91K | -27% | 70 |
| Nevada | $91K | -27% | 70 |
| Oklahoma | $90K | -28% | 80 |
| Montana | $89K | -28% | 90 |
| New Hampshire | $86K | -31% | 50 |
| Wisconsin | $84K | -33% | 280 |
| Hawaii | $83K | -33% | 50 |
| Indiana | $81K | -35% | 80 |
| Arizona | $80K | -36% | 340 |
| Nebraska | $76K | -39% | 90 |
| Louisiana | $73K | -41% | 140 |
| Kentucky | $71K | -43% | 100 |
Showing 1–10 of 40 states with published data
BLS does not publish data for every state when sample sizes are too small
Track economists salary changes
BLS updates this data quarterly. We'll email you when Madison numbers change.
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Frequently asked questions
Can a economist afford a 2BR apartment alone in Madison?
Yes — at the median salary of $89K, rent takes 20.9% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,168/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for economists in Madison?
The 10th-percentile wage — what new economists typically earn — is $75K/year. Take-home on that works out to about $4,526/month. At HUD’s $1,168/month FMR, rent would take 26% of that take-home — manageable on an entry-level income.
Is economist a high-paying job in Madison?
Local pay runs 29% below the national median — $89K here vs. $125K nationally.
How does Madison compare to the national average for economists?
Madison pays $89K median vs. the U.S. average of $125K — that’s -29%. After adjusting for local cost of living (RPP 97.29), the purchasing-power equivalent is $91K — below the national median.
How much do economists make in Madison, WI?
The median is $88,770 a year, that works out to about $43 an hour. But the range is wide: entry-level workers start around $75,440, and experienced economists can clear $132,590. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $89K enough to live in Madison?
On that salary, you'd take home roughly $5,598/month after taxes. A 2-bedroom here rents for about $1,168/month, which eats 20.9% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a economists salary go in Madison?
Madison has a Regional Price Parity of 97.29 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median economists salary is worth about $91,243 in national-average purchasing power.
Where do economists get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.