Madison, MS

Above Avg · 116

Mississippi · Population 27,775 · Updated March 2026

$1,798
Median Rent / Month
$120,918
Median Income
$334,700
Median Home Value
$1,606
Owner Costs / Month

Affordability

How far your income goes in Madison

17.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Mississippi

State-level tax rates that affect your costs

5.0%
Income Tax (Top Rate)
7.0%
Sales Tax
0.67%
Property Tax Rate

Estimated Annual Costs

$21,576
Annual Rent
$6,046
State Income Tax
$2,242
Property Tax (est.)

Cost of Living Overview

Madison is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 116 (where 100 equals the national median), Madison residents can expect to pay median rent of $1,798/month while earning a median household income of $120,918/year.

The median home value in Madison, MS is $334,700, with typical monthly owner costs around $1,606 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Mississippi has a moderate income tax rate of 5.0%. Combined with a 7.0% sales tax rate and 0.67% 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, MS?
The cost of living index in Madison, MS is 116 (US average = 100). Median monthly rent is $1,798, median household income is $120,918/year, and the median home value is $334,700.
Is Madison, MS affordable?
No, Madison is more expensive than the national average with a cost index of 116. The rent-to-income ratio is 17.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Madison, MS?
The median gross rent in Madison, MS is $1,798 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $21,576.
What is the median household income in Madison?
The median household income in Madison, MS is $120,918 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Mississippi?
Mississippi has a top income tax rate of 5.0%, a sales tax of 7.0%, and an effective property tax rate of 0.67%.