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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 $117,054, lower than the Minnesota average of $345,793.
The average cost of rent is $847/mo in Madison, primarily driven by the current value of real estate in the Madison area. In Madison, 23.27% of households rent, and 58.04% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Madison is $5,461 per month. Households that rent pay about 15.51% of their income on rent here. Madison’s most expensive areas are in the southwestern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Louisburg, MN: higher priced homes
- Dawson, MN: higher priced homes
- Bellingham, MN: higher priced homes
- Marietta, MN: higher priced homes
- Nassau, MN: higher priced homes
- Rosen, MN: higher priced homes
- Revillo, SD: higher priced homes
- Appleton, MN: less expensive homes
- Correll, MN: higher priced homes
- Boyd, MN: higher priced homes
Cities with Similar Populations
- Alviso, CA: higher priced homes
- Athens, MI: higher priced homes
- Barryton, MI: higher priced homes
- Bethel, ME: higher priced homes
- Canterbury, NH: higher priced homes
- Ontonagon, MI: less expensive homes
- Prosperity, WV: higher priced homes
- Preston, TX: higher priced homes
- Pocahontas, IL: higher priced homes
- Pocahontas, IA: equally priced homes
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