Total monthly cost of ownership
Cost to Own a Home in Madison, Florida
A $84,000 home here costs
$802per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $432. The real number is $371 higher every month — 86% more than the payment most buyers budget for.
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 Florida
| Measure | Madison | Madison County |
|---|---|---|
| Median home value | $84,400 | $105,900 |
| Median property tax | $549 | $928 |
| Effective tax rate | 0.650% | 0.876% |
| Median gross rent | $849 | $819 |
| Population | 2,960 | 18,113 |
The weather behind that power bill
Madison sits in Madison County, which averages a high of 90.9°F in its hottest month and a low of 40.2°F in its coldest, with 52.77" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 2,506 cooling and 1,511 heating degree days, which is what sets the $136 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 Florida
Common questions
How much does it cost to own a home in Madison?
A $84,000 home in Madison, Florida costs approximately $802 per month with 20% down at 6.66%. That is $432 principal and interest, $46 property tax, $51 homeowners insurance, $204 utilities and $70 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 0.650%, based on a median home value of $84,400 and median real estate taxes of $549. That is lower than the Madison County average of 0.876%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Florida is $84,400, against $105,900 across Madison County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $849 a month, against $802 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
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 Florida.
- 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.