Total monthly cost of ownership
Cost to Own a Home in Madison, Alabama
A $368,000 home here costs
$2,986per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $128,000 a year.
A standard mortgage calculator would have told you $2,022. The real number is $964 higher every month, 48% more than the payment most buyers budget for.
Compare Madison County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Madison against Madison County and Alabama
| Measure | Madison | Madison County |
|---|---|---|
| Median home value | $367,900 | $267,800 |
| Median property tax | $1,807 | $1,081 |
| Effective tax rate | 0.491% | 0.404% |
| Median gross rent | $1,375 | $1,116 |
| Population | 58,335 | 397,135 |
Madison extends across 2 counties. Figures here use Madison County, where most of its housing sits.
The weather behind that power bill
Madison sits in Madison County, which averages a high of 91.5°F in its hottest month and a low of 33.1°F in its coldest, with 54.29" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,107 cooling and 2,831 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Madison County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Madison County
Full Madison County cost breakdown · Every county in Alabama
Talk to someone who works this market
These are Madison averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Madison every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Madison I already own here and may sell
Common questions
How much does it cost to own a home in Madison?
A $368,000 home in Madison, Alabama costs approximately $2,986 per month with 20% down at 7.32%. That is $2,022 principal and interest, $151 property tax, $251 homeowners insurance, $255 utilities and $307 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 0.491%, based on a median home value of $367,900 and median real estate taxes of $1,807. That is higher than the Madison County average of 0.404%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Alabama is $367,900, against $267,800 across Madison County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $1,375 a month, against $2,986 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Madison?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Madison, Alabama at today's rate takes a household income of roughly $128,000 a year. That covers the full $2,986 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Madison, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Alabama.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.