Total monthly cost of ownership
Cost to Own a Home in Madison, Minnesota
A $105,000 home here costs
$997per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $42,500 a year.
A standard mortgage calculator would have told you $572. The real number is $425 higher every month, 74% more than the payment most buyers budget for.
Compare Lac qui Parle County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Madison from a five-year rolling sample, and with about 1,507 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Lac qui Parle County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Madison against Lac qui Parle County and Minnesota
| Measure | Madison | Lac qui Parle County |
|---|---|---|
| Median home value | $104,600 | $143,400 |
| Median property tax | $1,207 | $1,360 |
| Effective tax rate | 1.154% | 0.948% |
| Median gross rent | $920 | $809 |
| Population | 1,507 | 6,694 |
The weather behind that power bill
Madison sits in Lac qui Parle County, which averages a high of 82.5°F in its hottest month and a low of 2.6°F in its coldest, with 25.64" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 608 cooling and 8,281 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Lac qui Parle County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lac qui Parle County
Full Lac qui Parle County cost breakdown · Every county in Minnesota
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 $105,000 home in Madison, Minnesota costs approximately $997 per month with 20% down at 7.24%. That is $572 principal and interest, $101 property tax, $46 homeowners insurance, $190 utilities and $88 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.154%, based on a median home value of $104,600 and median real estate taxes of $1,207. That is higher than the Lac qui Parle County average of 0.948%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Minnesota is $104,600, against $143,400 across Lac qui Parle County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $920 a month, against $997 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, Minnesota at today's rate takes a household income of roughly $42,500 a year. That covers the full $997 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 Minnesota.
- 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.