The typical owner-occupied home in Madras is worth about $330,900, 31% below the Oregon median of $477,600 and about the same as the national median of $332,700. Owners pay a median $2,557 a year in property taxes, about 0.77% of their home's value, close to the Oregon rate of 0.81%. The median household earns $64,659 a year, so the median home costs 5.1 times the median income (5.8 times for Oregon). 55% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Madras at a glance
| Madras | Oregon | U.S. | |
|---|---|---|---|
| Median home value | $330,900 | $477,600 | $332,700 |
| Median property tax paid per year | $2,557 | $3,876 | $3,119 |
| Property tax as a share of value | 0.77% | 0.81% | 0.94% |
| Median household income | $64,659 | $83,011 | $80,734 |
| Homes lived in by their owners | 55% | 63% | 65% |
| Owner homes with a mortgage | 64% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $1,862 | $2,157 | $1,963 |
| Those costs as a share of the owners' income | 26.4% | 22.4% | 21.0% |
| Median rent | $979 | $1,525 | $1,413 |
| Rent as a share of renters' income | 32.2% | 31.3% | 30.6% |
| Median year homes were built | 1983 | 1981 | 1980 |
| Vacant homes | 4.3% | 7.5% | 10.1% |
| Population | 7,676 | 4,254,293 | 334,922,499 |
What a typical home costs per month in Madras
At this week's average 30-year rate of 7.11%, buying the median Madras home of $330,900 with 20% down costs about $2,131 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,682, 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 $91,328 for the 20%-down payment. That payment is 40% of the median Madras household income of $64,659; at that income and 20% down, the 28% guideline points to a home of about $234,000.
The median rent here is $979 a month, so owning the median home costs about $1,152 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $66,180 |
|---|---|
| Loan amount | $264,720 |
| Principal and interest | $1,781 |
| Property taxes (0.77% a year) | $212 |
| Homeowners insurance (our estimate, 0.5% a year) | $138 |
| PMI | $0 |
| Total per month | $2,131 |
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| Down payment | $11,582 |
|---|---|
| Loan amount | $324,907 |
| Principal and interest | $2,186 |
| Property taxes (0.77% a year) | $212 |
| Homeowners insurance (our estimate, 0.5% a year) | $138 |
| FHA mortgage insurance | $146 |
| Total per month | $2,682 |
Change the numbers in the calculator
Questions about home buying in Madras
What is the median home value in Madras?
About $330,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Madras?
Homeowners pay a median $2,557 a year, which is about 0.77% 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 Madras?
For the median home with 20% down at 7.11%, the payment is about $2,131 a month. Keeping that under 28% of gross income takes about $91,328 a year.
More about Madras
- Mortgage Refinance in Madras
- Debt Relief in Madras
- Home Equity Loans in Madras
- 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