Total monthly cost of ownership
Cost to Own a Home in Madison, Wisconsin
A $347,000 home here costs
$2,941per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,784. The real number is $1,157 higher every month — 65% 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 Dane County and Wisconsin
| Measure | Madison | Dane County |
|---|---|---|
| Median home value | $346,900 | $366,100 |
| Median property tax | $6,390 | $6,276 |
| Effective tax rate | 1.842% | 1.714% |
| Median gross rent | $1,364 | $1,345 |
| Population | 275,568 | 564,777 |
The weather behind that power bill
Madison sits in Dane County, which averages a high of 82.2°F in its hottest month and a low of 11.1°F in its coldest, with 40.18" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 640 cooling and 7,097 heating degree days, which is what sets the $177 electricity line above.
See the full climate breakdown for Dane County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dane County
Common questions
How much does it cost to own a home in Madison?
A $347,000 home in Madison, Wisconsin costs approximately $2,941 per month with 20% down at 6.66%. That is $1,784 principal and interest, $533 property tax, $89 homeowners insurance, $245 utilities and $289 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.842%, based on a median home value of $346,900 and median real estate taxes of $6,390. That is higher than the Dane County average of 1.714%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Wisconsin is $346,900, against $366,100 across Dane County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $1,364 a month, against $2,941 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 Wisconsin.
- 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.