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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 $977,783, higher than the New Jersey average of $496,577.
The average cost of rent is $2,387/mo in Madison, primarily driven by the current value of real estate in the Madison area. In Madison, 36.31% of households rent, and 33.04% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Madison is $14,152 per month. Households that rent pay about 16.87% of their income on rent here. Madison’s most expensive areas are in the southern regions, while the cheapest areas are in the northern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Florham Park, NJ: less expensive homes
- Chatham, NJ: higher priced homes
- Green Village, NJ: higher priced homes
- New Vernon, NJ: higher priced homes
- Summit, NJ: higher priced homes
- New Providence, NJ: less expensive homes
- Morristown, NJ: less expensive homes
- Whippany, NJ: less expensive homes
- Cedar Knolls, NJ: less expensive homes
- East Hanover, NJ: less expensive homes
Cities with Similar Populations
- Quincy, FL: less expensive homes
- Crowley, LA: less expensive homes
- Cumberland, RI: less expensive homes
- Dandridge, TN: less expensive homes
- Dardenne Prairie, MO: less expensive homes
- Delmar, NY: less expensive homes
- Denville, NJ: less expensive homes
- DeSoto, MO: less expensive homes
- Dewitt, MI: less expensive homes
- Dexter, MI: less expensive homes
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