The typical owner-occupied home in Madison is worth about $120,400, 36% below the Arkansas median of $188,000 and 64% below the national median of $332,700. Owners pay a median $265 a year in property taxes, about 0.22% of their home's value, lower than the Arkansas rate of 0.55%. The median household earns $55,893 a year, so the median home costs 2.2 times the median income (3.1 times for Arkansas). 71% of occupied homes here are lived in by their owners, and 22% of those owners still have a mortgage.
Madison at a glance
| Madison | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $120,400 | $188,000 | $332,700 |
| Median property tax paid per year | $265 | $1,040 | $3,119 |
| Property tax as a share of value | 0.22% | 0.55% | 0.94% |
| Median household income | $55,893 | $60,773 | $80,734 |
| Homes lived in by their owners | 71% | 66% | 65% |
| Owner homes with a mortgage | 22% | 53% | 61% |
| Median monthly costs, owners with a mortgage | $781 | $1,345 | $1,963 |
| Those costs as a share of the owners' income | 14.7% | 18.5% | 21.0% |
| Median rent | $725 | $947 | $1,413 |
| Rent as a share of renters' income | 21.8% | 27.6% | 30.6% |
| Median year homes were built | 1982 | 1987 | 1980 |
| Vacant homes | 33.6% | 13.5% | 10.1% |
| Population | 476 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Madison
At this week's average 30-year rate of 7.11%, buying the median Madison home of $120,400 with 20% down costs about $720 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $921, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $30,865 for the 20%-down payment. That payment is 15% of the median Madison household income of $55,893; at that income and 20% down, the 28% guideline points to a home of about $218,000.
The median rent here is $725 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,080 |
|---|---|
| Loan amount | $96,320 |
| Principal and interest | $648 |
| Property taxes (0.22% a year) | $22 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $720 |
Change the numbers in the calculator
| Down payment | $4,214 |
|---|---|
| Loan amount | $118,219 |
| Principal and interest | $795 |
| Property taxes (0.22% a year) | $22 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $53 |
| Total per month | $921 |
Change the numbers in the calculator
Questions about home buying in Madison
What is the median home value in Madison?
About $120,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Madison?
Homeowners pay a median $265 a year, which is about 0.22% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Madison?
For the median home with 20% down at 7.11%, the payment is about $720 a month. Keeping that under 28% of gross income takes about $30,865 a year.
More about Madison
- Mortgage Refinance in Madison
- Debt Relief in Madison
- Home Equity Loans in Madison
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data