The typical owner-occupied home in Madison County is worth about $232,000, 13% above the Kentucky median of $205,600 and 30% below the national median of $332,700. Owners pay a median $1,698 a year in property taxes, about 0.73% of their home's value, close to the Kentucky rate of 0.75%. The median household earns $63,351 a year, so the median home costs 3.7 times the median income (3.2 times for Kentucky). 62% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Madison County at a glance
| Madison County | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $232,000 | $205,600 | $332,700 |
| Median property tax paid per year | $1,698 | $1,544 | $3,119 |
| Property tax as a share of value | 0.73% | 0.75% | 0.94% |
| Median household income | $63,351 | $63,726 | $80,734 |
| Homes lived in by their owners | 62% | 68% | 65% |
| Owner homes with a mortgage | 62% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,485 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 18.7% | 18.8% | 21.0% |
| Median rent | $889 | $967 | $1,413 |
| Rent as a share of renters' income | 27.9% | 28.1% | 30.6% |
| Median year homes were built | 1993 | 1982 | 1980 |
| Vacant homes | 8.4% | 10.3% | 10.1% |
| Population | 95,769 | 4,534,824 | 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 $232,000 with 20% down costs about $1,486 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,873, 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 $63,700 for the 20%-down payment. That payment is 28% of the median Madison County household income of $63,351; at that income and 20% down, the 28% guideline points to a home of about $231,000.
The median rent here is $889 a month, so owning the median home costs about $597 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,400 |
|---|---|
| Loan amount | $185,600 |
| Principal and interest | $1,249 |
| Property taxes (0.73% a year) | $141 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| PMI | $0 |
| Total per month | $1,486 |
Change the numbers in the calculator
| Down payment | $8,120 |
|---|---|
| Loan amount | $227,798 |
| Principal and interest | $1,532 |
| Property taxes (0.73% a year) | $141 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| FHA mortgage insurance | $103 |
| Total per month | $1,873 |
Change the numbers in the calculator
Questions about home buying in Madison County
What is the median home value in Madison County?
About $232,000 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 $1,698 a year, which is about 0.73% 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 $1,486 a month. Keeping that under 28% of gross income takes about $63,700 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