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Cost of Living in Madison

Is it better to rent or buy in Madison? 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.

$93,529
$1,330/mo

Median in area: $1,330

$383,125

Median in area: $383,125

$76,625

If you Rent

🔑
$1,500 /mo
Base Rent$1,330
Est. Utilities$170
% of Income19.2%
Pre-tax Residual$6,294

If you Buy

🏠
$2,739 /mo
P&I (6.5%)$1,937
Taxes & Ins$632
Est. Utilities$170
% of Income35.1%
Pre-tax Residual$5,055

Cost of Living FAQs

Is it cheaper to rent or buy in Madison?›

Based on median housing data, renting is currently more affordable on a monthly basis in Madison. The estimated all-in monthly cost for renting is $1,500, while owning a median-priced home with a 20% down payment is roughly $2,739 per month (a difference of $1,239).

How much do utilities cost in Madison?›

The average monthly utility cost (electricity and natural gas) for a typical home in Madison is approximately $170. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Madison without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $60,000 per year.