The typical owner-occupied home in Madison is worth about $163,900, 45% below the Maine median of $296,600 and 51% below the national median of $332,700. Owners pay a median $1,740 a year in property taxes, about 1.06% of their home's value, close to the Maine rate of 1.02%. The median household earns $61,698 a year, so the median home costs 2.7 times the median income (4.0 times for Maine). 39% of occupied homes here are lived in by their owners, and 51% of those owners still have a mortgage.
Madison at a glance
| Madison | Maine | U.S. | |
|---|---|---|---|
| Median home value | $163,900 | $296,600 | $332,700 |
| Median property tax paid per year | $1,740 | $3,036 | $3,119 |
| Property tax as a share of value | 1.06% | 1.02% | 0.94% |
| Median household income | $61,698 | $74,733 | $80,734 |
| Homes lived in by their owners | 39% | 74% | 65% |
| Owner homes with a mortgage | 51% | 58% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,729 | $1,963 |
| Those costs as a share of the owners' income | 24.1% | 20.6% | 21.0% |
| Median rent | $850 | $1,139 | $1,413 |
| Rent as a share of renters' income | 18.9% | 29.4% | 30.6% |
| Median year homes were built | 1953 | 1977 | 1980 |
| Vacant homes | 3.2% | 20.6% | 10.1% |
| Population | 2,676 | 1,387,817 | 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 $163,900 with 20% down costs about $1,095 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,368, 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 $46,934 for the 20%-down payment. That payment is 21% of the median Madison household income of $61,698; at that income and 20% down, the 28% guideline points to a home of about $215,000.
The median rent here is $850 a month, so owning the median home costs about $245 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $32,780 |
|---|---|
| Loan amount | $131,120 |
| Principal and interest | $882 |
| Property taxes (1.06% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $68 |
| PMI | $0 |
| Total per month | $1,095 |
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| Down payment | $5,736 |
|---|---|
| Loan amount | $160,931 |
| Principal and interest | $1,083 |
| Property taxes (1.06% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $68 |
| FHA mortgage insurance | $72 |
| Total per month | $1,368 |
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Questions about home buying in Madison
What is the median home value in Madison?
About $163,900 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 $1,740 a year, which is about 1.06% 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 $1,095 a month. Keeping that under 28% of gross income takes about $46,934 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