States › South Dakota › Madison

Is Madison, SD expensive to live in?

CheapRent takes 16 cents of every $1 people earn here.
🏠 Rent per month (2026)$97245% lower than U.S. average
💵 Families earn per year (2026)$70,742about $5,895/month · 19% lower than U.S. average
🔑 House price$193,10042% lower than U.S. average

Rent is lower than in 89% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 11.4 minutes.

How much money do I need?

To rent here comfortably, you should earn about $38,880 a year. That is $19 an hour at a full-time job.

Is rent cheaper than other South Dakota cities?

Yes. Rent here is cheaper than in most of South Dakota. It is number 5 of 19 cities from cheapest to most expensive.

Madison
$972
Belle Fourche
$1,358
Tea
$1,349
Rapid Valley
$1,393
Sturgis
$863
Harrisburg
$1,470
Brandon
$1,079

How much do households earn in Madison?

Under $25k
22.2%
$25k–50k
20.4%
$50k–100k
36.3%
$100k–150k
13.3%
$150k+
6.2%

Share of households by yearly income. 19.5% of households earn $100,000 or more.

Rent by apartment size in Madison

SizeMadisonU.S. average
1 bedroom$921$1,324
2 bedrooms$1,181$1,509
3 bedrooms$1,148$1,698
4 bedrooms$1,402$2,098

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

How expensive is Madison overall?

Everyday prices in South Dakota overall are 11% below the U.S. average (index 88.6, U.S. = 100).

Housing
68
Goods (food, clothes…)
95
Utilities
80
Other services
92
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 South Dakota figure is shown.

Taxes and bills in Madison

🏛️ Property tax$2,444a year · 1.27% of home value · U.S. $3,119
⚡ Electric bill$141a month (typical) · U.S. $156

Life in Madison

Commute to work11.4 minU.S.: 26.4 min
College degree34.3%U.S.: 35.7%
Own their home60.2%U.S.: 65.2%
Below poverty line9.5%U.S.: 12.5%
Unemployment4.4%U.S.: 5.2%

Is it cheaper to rent or buy in Madison?

Renting is cheaper right now: about $368 a month less.

Renting
$972
Owning
$1,340

Owning assumes a typical $193,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $19,310 for the down payment.

Frequently asked questions

What is the average rent in Madison, SD?

Renting in Madison costs a median of about $972 a month in 2026, including utilities. The South Dakota median is $1,271.

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

To keep rent under 30% of income, you need about $38,880 a year, or $19 an hour at a full-time job.

Is Madison cheap or expensive?

Madison is rated Cheap: rent takes 16.5% of the typical household income of $70,742. It ranks 5th cheapest of 19 South Dakota cities we track.

How much are property taxes in Madison?

The median homeowner in Madison pays $2,444 a year in property taxes, about 1.27% of the median home value.

Is Madison more expensive than the national average?

Overall prices in South Dakota are 11% 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 $193,100, about 2.7 times the typical yearly household income.

6,094 people live in Madison. Numbers are typical (middle) values.