Total monthly cost of ownership
Cost to Own a Home in Madison, Maine
A $71,000 home here costs
$836per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $365. The real number is $471 higher every month — 129% 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 Somerset County and Maine
| Measure | Madison | Somerset County |
|---|---|---|
| Median home value | $70,800 | $155,200 |
| Median property tax | $785 | $1,798 |
| Effective tax rate | 1.109% | 1.159% |
| Median gross rent | $880 | $887 |
| Population | 2,552 | 50,852 |
The weather behind that power bill
Madison sits in Somerset County, which averages a high of 75.4°F in its hottest month and a low of 5.4°F in its coldest, with 44.5" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 200 cooling and 8,860 heating degree days, which is what sets the $257 electricity line above.
See the full climate breakdown for Somerset County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Somerset County
Common questions
How much does it cost to own a home in Madison?
A $71,000 home in Madison, Maine costs approximately $836 per month with 20% down at 6.66%. That is $365 principal and interest, $66 property tax, $21 homeowners insurance, $325 utilities and $59 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.109%, based on a median home value of $70,800 and median real estate taxes of $785. That is lower than the Somerset County average of 1.159%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Maine is $70,800, against $155,200 across Somerset County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $880 a month, against $836 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 Maine.
- 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.