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Cost of Living in Madison County

Is it better to rent or buy in Madison County? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$65,028
$1,017/mo

Median in area: $1,017

$158,294

Median in area: $158,294

$31,659

If you Rent

🔑
$1,233 /mo
Base Rent$1,017
Est. Utilities$216
% of Income22.8%
Pre-tax Residual$4,186

If you Buy

🏠
$1,229 /mo
P&I (7.121%)$853
Taxes & Ins$160
Est. Utilities$216
% of Income22.7%
Pre-tax Residual$4,190

Compare Nearby Areas

See how Madison County stacks up against neighboring areas.

countyTipton County, IN
$845/mo
countyGrant County, IN
$905/mo
countyHancock County, IN
$1,236/mo
countyHamilton County, IN
$1,706/mo
countyDelaware County, IN
$920/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Madison County?›

Based on median housing data, buying is currently more affordable on a monthly basis in Madison County. The estimated all-in monthly cost for renting is $1,233, while owning a median-priced home with a 20% down payment is roughly $1,229 per month (a difference of $4).

How much do utilities cost in Madison County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Madison County is approximately $216. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Madison County?›

To comfortably afford the median rent and utilities in Madison County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $49,320 per year.