Madison, IN

Very Low · 59

Indiana · Population 12,277 · Updated March 2026

$827
Median Rent / Month
$57,050
Median Income
$186,600
Median Home Value
$846
Owner Costs / Month

Affordability

How far your income goes in Madison

17.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Indiana

State-level tax rates that affect your costs

3.05%
Income Tax (Top Rate)
7.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$9,924
Annual Rent
$1,740
State Income Tax
$1,549
Property Tax (est.)

Cost of Living Overview

Madison is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 59 (where 100 equals the national median), Madison residents can expect to pay median rent of $827/month while earning a median household income of $57,050/year.

The median home value in Madison, IN is $186,600, with typical monthly owner costs around $846 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Indiana has a moderate income tax rate of 3.05%. Combined with a 7.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Madison.

Frequently Asked Questions

Common questions about living costs in Madison

What is the cost of living in Madison, IN?
The cost of living index in Madison, IN is 59 (US average = 100). Median monthly rent is $827, median household income is $57,050/year, and the median home value is $186,600.
Is Madison, IN affordable?
Yes, Madison is more affordable than the national average with a cost index of 59. The rent-to-income ratio is 17.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Madison, IN?
The median gross rent in Madison, IN is $827 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,924.
What is the median household income in Madison?
The median household income in Madison, IN is $57,050 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Indiana?
Indiana has a top income tax rate of 3.05%, a sales tax of 7.0%, and an effective property tax rate of 0.83%.