Cost of Living in Madison, IN
Population 12,277 · Indiana · Data vintage 2023
(100 = US avg)
Under 25,000 residents gives Madison a small-town character that shows up in every data point below — from the commute patterns to the rental inventory. A typical home runs $187,000.
Madison is about 45 miles northeast of Louisville/Jefferson County metro government (balance), the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 16% lower than Louisville/Jefferson County metro government (balance)'s $222,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Madison
The median home value in Madison is $186,600 — 39% below the national median of $305,000. Median rent runs $827/month, 37% lower than the national median of $1,314/month. The median household income of $57,050/year is 24% lower than the US median of $74,580. The local unemployment rate is 4.5%, below the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Madison has a cost of living index of 62 versus the US average of 100, meaning it is 38% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Madison, IN?
Madison has a cost index of 62 (100 = national average). It is 38% below the national average.
What is average rent in Madison, IN?
The median gross rent in Madison is $827 per month based on 2023 Census data.
What is the average home price in Madison?
The median home value in Madison is $186,600 according to Zillow and Census data.
What is the median income in Madison?
The median household income in Madison is $57,050 per year (2023 ACS 5-year estimates).
What is the sales tax in Madison, IN?
The combined state and local sales tax rate in Madison is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Madison, IN affordable?
Yes, Madison is generally considered affordable, with a cost of living index of 62 — about 38% below the US national average of 100.
Madison at a Glance
- Population
- 12,277
- Median Income
- $57,050
- Home Value
- $186,600
- Median Rent
- $827/mo
- Unemployment
- 4.5%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
Similar Cost Cities
Cities in other states with comparable housing costs