The typical owner-occupied home in Madison is worth about $347,200, 14% above the Georgia median of $303,300 and 4% above the national median of $332,700. Owners pay a median $2,745 a year in property taxes, about 0.79% of their home's value, close to the Georgia rate of 0.77%. The median household earns $61,510 a year, so the median home costs 5.6 times the median income (3.9 times for Georgia). 54% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Madison at a glance
| Madison | Georgia | U.S. | |
|---|---|---|---|
| Median home value | $347,200 | $303,300 | $332,700 |
| Median property tax paid per year | $2,745 | $2,341 | $3,119 |
| Property tax as a share of value | 0.79% | 0.77% | 0.94% |
| Median household income | $61,510 | $77,353 | $80,734 |
| Homes lived in by their owners | 54% | 66% | 65% |
| Owner homes with a mortgage | 60% | 63% | 61% |
| Median monthly costs, owners with a mortgage | $1,734 | $1,783 | $1,963 |
| Those costs as a share of the owners' income | 19.7% | 20.0% | 21.0% |
| Median rent | $1,165 | $1,393 | $1,413 |
| Rent as a share of renters' income | 40.2% | 31.3% | 30.6% |
| Median year homes were built | 1985 | 1992 | 1980 |
| Vacant homes | 6.3% | 10.3% | 10.1% |
| Population | 4,864 | 10,940,407 | 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 $347,200 with 20% down costs about $2,242 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,820, 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 $96,075 for the 20%-down payment. That payment is 44% of the median Madison household income of $61,510; at that income and 20% down, the 28% guideline points to a home of about $222,000.
The median rent here is $1,165 a month, so owning the median home costs about $1,077 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $69,440 |
|---|---|
| Loan amount | $277,760 |
| Principal and interest | $1,869 |
| Property taxes (0.79% a year) | $229 |
| Homeowners insurance (our estimate, 0.5% a year) | $145 |
| PMI | $0 |
| Total per month | $2,242 |
Change the numbers in the calculator
| Down payment | $12,152 |
|---|---|
| Loan amount | $340,911 |
| Principal and interest | $2,293 |
| Property taxes (0.79% a year) | $229 |
| Homeowners insurance (our estimate, 0.5% a year) | $145 |
| FHA mortgage insurance | $154 |
| Total per month | $2,820 |
Change the numbers in the calculator
Questions about home buying in Madison
What is the median home value in Madison?
About $347,200 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 $2,745 a year, which is about 0.79% 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 $2,242 a month. Keeping that under 28% of gross income takes about $96,075 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