The typical owner-occupied home in Madison County is worth about $370,300, 3% below the Virginia median of $383,700 and 11% above the national median of $332,700. Owners pay a median $1,968 a year in property taxes, about 0.53% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $84,323 a year, so the median home costs 4.4 times the median income (4.1 times for Virginia). 78% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Madison County at a glance
| Madison County | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $370,300 | $383,700 | $332,700 |
| Median property tax paid per year | $1,968 | $2,790 | $3,119 |
| Property tax as a share of value | 0.53% | 0.73% | 0.94% |
| Median household income | $84,323 | $93,170 | $80,734 |
| Homes lived in by their owners | 78% | 67% | 65% |
| Owner homes with a mortgage | 58% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,714 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 20.1% | 21.0% |
| Median rent | $1,166 | $1,579 | $1,413 |
| Rent as a share of renters' income | 26.6% | 29.4% | 30.6% |
| Median year homes were built | 1980 | 1984 | 1980 |
| Vacant homes | 10.7% | 8.7% | 10.1% |
| Population | 14,044 | 8,705,170 | 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 $370,300 with 20% down costs about $2,311 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,928, 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 $99,029 for the 20%-down payment. That payment is 33% of the median Madison County household income of $84,323; at that income and 20% down, the 28% guideline points to a home of about $315,000.
The median rent here is $1,166 a month, so owning the median home costs about $1,145 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $74,060 |
|---|---|
| Loan amount | $296,240 |
| Principal and interest | $1,993 |
| Property taxes (0.53% a year) | $164 |
| Homeowners insurance (our estimate, 0.5% a year) | $154 |
| PMI | $0 |
| Total per month | $2,311 |
Change the numbers in the calculator
| Down payment | $12,960 |
|---|---|
| Loan amount | $363,593 |
| Principal and interest | $2,446 |
| Property taxes (0.53% a year) | $164 |
| Homeowners insurance (our estimate, 0.5% a year) | $154 |
| FHA mortgage insurance | $164 |
| Total per month | $2,928 |
Change the numbers in the calculator
Questions about home buying in Madison County
What is the median home value in Madison County?
About $370,300 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 $1,968 a year, which is about 0.53% 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 $2,311 a month. Keeping that under 28% of gross income takes about $99,029 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