salaryRent is higher than in 89% of U.S. cities. Household incomes are higher than in 95% of U.S. cities. A typical house costs about 5.1 years of household income. It is a highly educated city: 74.1% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $107,000 a year. That is $51 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
No. Rent here is more expensive than in most of New Jersey. It is number 208 of 291 cities from cheapest to most expensive.
How much do households earn in Madison?
Share of households by yearly income. 64.3% of households earn $100,000 or more.
Rent by apartment size in Madison
| Size | Madison | U.S. average |
|---|---|---|
| 1 bedroom | $2,000 | $1,324 |
| 2 bedrooms | $2,863 | $1,509 |
| 3 bedrooms | $2,653 | $1,698 |
| 4 bedrooms | $3,500+ | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Madison overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Madison, so the New Jersey figure is shown.
Taxes and bills in Madison
Life in Madison
Is it cheaper to rent or buy in Madison?
Renting is cheaper right now: about $3,869 a month less.
Owning assumes a typical $943,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $94,320 for the down payment.
Frequently asked questions
What is the average rent in Madison, NJ?
Renting in Madison costs a median of about $2,675 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Madison?
To keep rent under 30% of income, you need about $107,000 a year, or $51 an hour at a full-time job.
Is Madison cheap or expensive?
Madison is rated Cheap: rent takes 17.4% of the typical household income of $184,931. It ranks 208th cheapest of 291 New Jersey cities we track.
How much are property taxes in Madison?
The median homeowner in Madison pays $10,000+ a year in property taxes, about 1.06% of the median home value.
Is Madison more expensive than the national average?
Overall prices in New Jersey are 9% above 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 $943,200, about 5.1 times the typical yearly household income.
16,447 people live in Madison. Numbers are typical (middle) values.