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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 $101,756, lower than the Illinois average of $300,242.
The average cost of rent is $1,040/mo in Madison, primarily driven by the current value of real estate in the Madison area. In Madison, 43.82% of households rent, and 63.44% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Madison is $4,716 per month. Households that rent pay about 22.05% of their income on rent here. Madison’s most expensive areas are in the eastern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Venice, IL: less expensive homes
- Lovejoy, IL: less expensive homes
- Brooklyn, IL: less expensive homes
- Granite City, IL: equally priced homes
- Fairmont City, IL: less expensive homes
- Washington Park, IL: less expensive homes
- Pontoon Beach, IL: higher priced homes
- Riverview, MO: less expensive homes
- East St. Louis, IL: less expensive homes
- Bellefontaine Neighbors, MO: less expensive homes
Cities with Similar Populations
- Oxford, NJ: higher priced homes
- Oakland, FL: higher priced homes
- Adamsville, TN: higher priced homes
- Brookhaven, NY: higher priced homes
- Hudson, MI: higher priced homes
- Northwoods, MO: less expensive homes
- Lake Clarke Shores, FL: higher priced homes
- Lake George, NY: higher priced homes
- Coleman, TX: less expensive homes
- East Tawas, MI: higher priced homes
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