Total monthly cost of ownership
Cost to Own a Home in Madison, South Dakota
A $191,000 home here costs
$1,708per 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 $73,000 a year.
A standard mortgage calculator would have told you $1,041. The real number is $667 higher every month, 64% more than the payment most buyers budget for.
Compare Lake County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Madison against Lake County and South Dakota
| Measure | Madison | Lake County |
|---|---|---|
| Median home value | $191,400 | $231,000 |
| Median property tax | $2,422 | $2,463 |
| Effective tax rate | 1.265% | 1.066% |
| Median gross rent | $874 | $868 |
| Population | 6,158 | 11,052 |
The weather behind that power bill
Madison sits in Lake County, which averages a high of 83.3°F in its hottest month and a low of 5.0°F in its coldest, with 26.37" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 631 cooling and 7,998 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
No other places of this size are published in Lake County.
Full Lake County cost breakdown · Every county in South Dakota
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 $191,000 home in Madison, South Dakota costs approximately $1,708 per month with 20% down at 7.24%. That is $1,041 principal and interest, $201 property tax, $88 homeowners insurance, $219 utilities and $159 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.265%, based on a median home value of $191,400 and median real estate taxes of $2,422. That is higher than the Lake County average of 1.066%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, South Dakota is $191,400, against $231,000 across Lake County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $874 a month, against $1,708 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, South Dakota at today's rate takes a household income of roughly $73,000 a year. That covers the full $1,708 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 South Dakota.
- 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.