Total monthly cost of ownership
Cost to Own a Home in Madison, Georgia
A $313,000 home here costs
$2,445per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,609. The real number is $836 higher every month — 52% 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 Morgan County and Georgia
| Measure | Madison | Morgan County |
|---|---|---|
| Median home value | $313,100 | $323,100 |
| Median property tax | $2,745 | $2,399 |
| Effective tax rate | 0.877% | 0.742% |
| Median gross rent | $1,128 | $1,090 |
| Population | 4,714 | 20,614 |
The weather behind that power bill
Madison sits in Morgan County, which averages a high of 89.5°F in its hottest month and a low of 34.1°F in its coldest, with 47.75" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,694 cooling and 2,789 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Morgan County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Morgan County
Common questions
How much does it cost to own a home in Madison?
A $313,000 home in Madison, Georgia costs approximately $2,445 per month with 20% down at 6.66%. That is $1,609 principal and interest, $229 property tax, $136 homeowners insurance, $210 utilities and $261 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 0.877%, based on a median home value of $313,100 and median real estate taxes of $2,745. That is higher than the Morgan County average of 0.742%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Georgia is $313,100, against $323,100 across Morgan County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $1,128 a month, against $2,445 to own the median home all in. Renting 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 Georgia.
- 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.