Total monthly cost of ownership
Cost to Own a Home in Madison, Nebraska
A $116,000 home here costs
$1,073per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $596. The real number is $477 higher every month — 80% 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 Madison County and Nebraska
| Measure | Madison | Madison County |
|---|---|---|
| Median home value | $116,000 | $196,000 |
| Median property tax | $1,400 | $2,619 |
| Effective tax rate | 1.207% | 1.336% |
| Median gross rent | $818 | $851 |
| Population | 2,074 | 35,535 |
The weather behind that power bill
Madison sits in Madison County, which averages a high of 86.4°F in its hottest month and a low of 11.8°F in its coldest, with 27.01" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 907 cooling and 6,623 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Madison County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Madison County
Full Madison County cost breakdown · Every county in Nebraska
Common questions
How much does it cost to own a home in Madison?
A $116,000 home in Madison, Nebraska costs approximately $1,073 per month with 20% down at 6.66%. That is $596 principal and interest, $117 property tax, $73 homeowners insurance, $190 utilities and $97 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.207%, based on a median home value of $116,000 and median real estate taxes of $1,400. That is lower than the Madison County average of 1.336%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Nebraska is $116,000, against $196,000 across Madison County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $818 a month, against $1,073 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 Nebraska.
- 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.