States › Indiana › Madison

Is Madison, IN expensive to live in?

CheapRent takes 18 cents of every $1 people earn here.
🏠 Rent per month (2026)$97145% lower than U.S. average
💵 Families earn per year (2026)$65,986about $5,499/month · 24% lower than U.S. average
🔑 House price$203,10039% lower than U.S. average

Rent is lower than in 89% of U.S. cities. A typical house costs about 3.1 years of household income. Commutes are short, about 19.4 minutes.

How much money do I need?

To rent here comfortably, you should earn about $38,840 a year. That is $19 an hour at a full-time job.

Is rent cheaper than other Indiana cities?

Yes. Rent here is cheaper than in most of Indiana. It is number 30 of 132 cities from cheapest to most expensive.

Madison
$971
Greensburg
$995
Washington
$929
Whitestown
$2,162
Martinsville
$1,106
Danville
$1,502
Yorktown
$1,057

How much do households earn in Madison?

Under $25k
20.9%
$25k–50k
23.2%
$50k–100k
33.5%
$100k–150k
11.8%
$150k+
6.7%

Share of households by yearly income. 18.5% of households earn $100,000 or more.

Rent by apartment size in Madison

SizeMadisonU.S. average
1 bedroom$639$1,324
2 bedrooms$970$1,509
3 bedrooms$1,122$1,698
4 bedrooms$1,489$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Madison overall?

Everyday prices in Indiana overall are 7% below the U.S. average (index 93.3, U.S. = 100).

Housing
74
Goods (food, clothes…)
96
Utilities
86
Other services
99
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Madison, so the Indiana figure is shown.

Taxes and bills in Madison

🏛️ Property tax$1,343a year · 0.66% of home value · U.S. $3,119
⚡ Electric bill$151a month (typical) · U.S. $156

Life in Madison

Commute to work19.4 minU.S.: 26.4 min
College degree23.8%U.S.: 35.7%
Own their home62.1%U.S.: 65.2%
Below poverty line14.9%U.S.: 12.5%
Unemployment5.2%U.S.: 5.2%

Is it cheaper to rent or buy in Madison?

Renting is cheaper right now: about $438 a month less.

Renting
$971
Owning
$1,409

Owning assumes a typical $203,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $20,310 for the down payment.

Frequently asked questions

What is the average rent in Madison, IN?

Renting in Madison costs a median of about $971 a month in 2026, including utilities. The Indiana median is $1,219.

How much do I need to make to live in Madison?

To keep rent under 30% of income, you need about $38,840 a year, or $19 an hour at a full-time job.

Is Madison cheap or expensive?

Madison is rated Cheap: rent takes 17.7% of the typical household income of $65,986. It ranks 30th cheapest of 132 Indiana cities we track.

How much are property taxes in Madison?

The median homeowner in Madison pays $1,343 a year in property taxes, about 0.66% of the median home value.

Is Madison more expensive than the national average?

Overall prices in Indiana are 7% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Madison?

The median home value in Madison is $203,100, about 3.1 times the typical yearly household income.

12,223 people live in Madison. Numbers are typical (middle) values.