Total monthly cost of ownership
Cost to Own a Home in Madison, Indiana
A $187,000 home here costs
$1,535per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $961. The real number is $574 higher every month — 60% 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 Jefferson County and Indiana
| Measure | Madison | Jefferson County |
|---|---|---|
| Median home value | $186,600 | $180,600 |
| Median property tax | $1,282 | $1,191 |
| Effective tax rate | 0.687% | 0.659% |
| Median gross rent | $827 | $865 |
| Population | 12,277 | 33,074 |
The weather behind that power bill
Madison sits in Jefferson County, which averages a high of 88.0°F in its hottest month and a low of 23.8°F in its coldest, with 50.98" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,288 cooling and 4,532 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Jefferson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jefferson County
Full Jefferson County cost breakdown · Every county in Indiana
Common questions
How much does it cost to own a home in Madison?
A $187,000 home in Madison, Indiana costs approximately $1,535 per month with 20% down at 6.66%. That is $961 principal and interest, $107 property tax, $80 homeowners insurance, $231 utilities and $156 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 0.687%, based on a median home value of $186,600 and median real estate taxes of $1,282. That is higher than the Jefferson County average of 0.659%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Indiana is $186,600, against $180,600 across Jefferson County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $827 a month, against $1,535 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 Indiana.
- 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.