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These days, finding an affordable place to live in the Madison Lake area can be challenging. Home prices in Madison Lake are now at a median cost of $371,338, higher than the Minnesota average of $345,793.
The average cost of rent is $1,096/mo in Madison Lake, primarily driven by the current value of real estate in the Madison Lake area. In Madison Lake, 27.05% of households rent, and 38.46% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Madison Lake is $8,640 per month. Households that rent pay about 12.69% of their income on rent here. Madison Lake’s most expensive areas are in the northern 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
- Marysburg, MN: higher priced homes
- Eagle Lake, MN: less expensive homes
- Smiths Mill, MN: less expensive homes
- Elysian, MN: equally priced homes
- Cleveland, MN: less expensive homes
- Kasota, MN: equally priced homes
- Janesville, MN: less expensive homes
- St. Clair, MN: less expensive homes
- Mankato, MN: less expensive homes
- North Mankato, MN: less expensive homes
Cities with Similar Populations
- Bernice, LA: less expensive homes
- Beverly Hills, TX: less expensive homes
- Bokoshe, OK: less expensive homes
- Buena, NJ: less expensive homes
- Bylas, AZ: less expensive homes
- Caseville, MI: less expensive homes
- Cavalier, ND: less expensive homes
- Center Hill, FL: less expensive homes
- Clintondale, NY: less expensive homes
- Russia, OH: less expensive homes
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