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These days, finding an affordable place to live in the Madison area can be challenging. Home prices in Madison are now at a median cost of $387,306, higher than the Alabama average of $228,911.
The average cost of rent is $1,757/mo in Madison, primarily driven by the current value of real estate in the Madison area. In Madison, 27.05% of households rent, and 30.00% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Madison is $11,013 per month. Households that rent pay about 15.95% of their income on rent here. Madison’s most expensive areas are in the western regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Harvest, AL: less expensive homes
- Redstone Arsenal, AL: less expensive homes
- Belle Mina, AL: less expensive homes
- Huntsville, AL: less expensive homes
- Center Hill, AL: less expensive homes
- Mooresville, AL: less expensive homes
- Tanner Crossroads, AL: equally priced homes
- Tanner, AL: less expensive homes
- Toney, AL: less expensive homes
- Athens, AL: less expensive homes
Cities with Similar Populations
- Racine, WI: less expensive homes
- Raleigh, NC: higher priced homes
- Portsmouth, VA: less expensive homes
- Portland, OR: higher priced homes
- Rapid City, SD: less expensive homes
- Providence, RI: higher priced homes
- Porterville, CA: less expensive homes
- Rancho Cucamonga, CA: higher priced homes
- Poughkeepsie, NY: higher priced homes
- Provo, UT: higher priced homes
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