The typical owner-occupied home in Madison County is worth about $116,200, 68% below the Florida median of $359,000 and 65% below the national median of $332,700. Owners pay a median $965 a year in property taxes, about 0.83% of their home's value, higher than the Florida rate of 0.76%. The median household earns $48,485 a year, so the median home costs 2.4 times the median income (4.8 times for Florida). 73% of occupied homes here are lived in by their owners, and 39% of those owners still have a mortgage.
Madison County at a glance
| Madison County | Florida | U.S. | |
|---|---|---|---|
| Median home value | $116,200 | $359,000 | $332,700 |
| Median property tax paid per year | $965 | $2,730 | $3,119 |
| Property tax as a share of value | 0.83% | 0.76% | 0.94% |
| Median household income | $48,485 | $74,568 | $80,734 |
| Homes lived in by their owners | 73% | 68% | 65% |
| Owner homes with a mortgage | 39% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,194 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 23.6% | 21.0% |
| Median rent | $874 | $1,669 | $1,413 |
| Rent as a share of renters' income | 34.9% | 35.2% | 30.6% |
| Median year homes were built | 1988 | 1988 | 1980 |
| Vacant homes | 17.1% | 14.7% | 10.1% |
| Population | 18,089 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Madison County
At this week's average 30-year rate of 7.11%, buying the median Madison County home of $116,200 with 20% down costs about $754 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $948, 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 $32,320 for the 20%-down payment. That payment is 19% of the median Madison County household income of $48,485; at that income and 20% down, the 28% guideline points to a home of about $174,000.
The median rent here is $874 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $23,240 |
|---|---|
| Loan amount | $92,960 |
| Principal and interest | $625 |
| Property taxes (0.83% a year) | $80 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $754 |
Change the numbers in the calculator
| Down payment | $4,067 |
|---|---|
| Loan amount | $114,095 |
| Principal and interest | $768 |
| Property taxes (0.83% a year) | $80 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $948 |
Change the numbers in the calculator
Questions about home buying in Madison County
What is the median home value in Madison County?
About $116,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Madison County?
Homeowners pay a median $965 a year, which is about 0.83% 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 County?
For the median home with 20% down at 7.11%, the payment is about $754 a month. Keeping that under 28% of gross income takes about $32,320 a year.
More about Madison County
- Mortgage Refinance in Madison County
- Debt Relief in Madison County
- Home Equity Loans in Madison County
- 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