Total monthly cost of ownership
Cost to Own a Home in Madison, Minnesota
A $105,000 home here costs
$994per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $540. The real number is $454 higher every month — 84% 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 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 $152 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
Common questions
How much does it cost to own a home in Madison?
A $105,000 home in Madison, Minnesota costs approximately $994 per month with 20% down at 6.66%. That is $540 principal and interest, $101 property tax, $46 homeowners insurance, $220 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 $994 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 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.